SOL-“Bulls Pulling Back”

4-Hour Analysis:

Big Picture: Solana gained instant momentum as the lower deviation was confirmed. The deviation below the Key Support Area created great momentum for the bulls, who quickly took advantage of the situation and recovered the price to higher levels and triple digits. Moving forward, the corrective move higher must break through the immediate intra-day resistance to take on an additional strong structure.

On the Upside price has climbed back to 102.10 level. This was identified as a strong resistance level for Solana. This level is now blocking bullish momentum; but, if bulls can break over it, a rapid push into 107.50 is still possible. Here, partial profit-taking cannot be ruled out around 107.50 levels. Furthermore, directly above this barrier, Solana’s trendline resistance is present, breaking which puts bulls back into an extremely bullish phase. 

On the Downside Solana has also added a number of supports. Price has immediate support at 97.80 from the EMA-100 level, with 96.80 being the next support level. Meanwhile, both of these levels remain strong supports for the session, however the key supports are around the 93.70 to 91.30 range. This is the area that bulls must hold to prevent any bearish developments.