4-Hour Analysis:
Big Picture: Solana’s trend has been rescued a couple of times in recent weeks by the 4-hourly EMA-100 level. Every time the price tests this area, an enormous response is triggered. This time was no exception as well. Furthermore, if the rally continues, Solana is approaching weekly resistance levels, which might cause aggressive profit-taking. A breakout over weekly levels, on the other hand, will push price into a hyper move.
On the Upside intraday resistance is at 78.80, while the first weekly resistance is at 80.00. Both of these levels are causing some congestion. Meanwhile, strength over 80.00 pushes the upside to 81.25, followed by 84.75, and if bulls can maintain the hyper move, Solana will climb into the 90’s.
On the Downside the initial intra-day support level might be 77.10. The next notable level below this one is 75.60. If Solana can convert either of these levels into solid support, the pair is going to benefit from it. Meanwhile, 72.80 and 68.20 are the key supports for the day, and as long as these levels hold, any extended downside remains unlikely.
