4-Hour Analysis:
Big Picture: After its triangular breakout, Solana has displayed a remarkable trending move. Buyers have achieved another milestone by getting price above that the mid-range levels. Besides, further confirmations are required for price to be totally in control above that level. Solana is holding up well, and a retest of lower supports may suit a “buy on dip” approach.
On the Upside Solana has started to consolidate above the mid-levels. The strength remains, and if Solana maintains strongly above the mid-range, another strong price surge is on the cards, aiming for the 24.25 level initially, followed by the 25.00 mark, with potential for further upside towards the range highs.
On the Downside the mid-point at 23.40 is developing into a intra-day support level. Solana has strong support from 22.15 to 22.05 levels below this level. Earlier, after gaining control over this level, Solana re-tested it during the intra-day session and observed a significant bullish reaction that sent the price back above the mid-range levels. Expect 22.15 to 22.05 to provide solid supports throughout the session. If these are lost, the momentum could slowdown and the price may re-test lower supports around 21.80 initially, and possibly at 21.30 to 21.20 levels.
