4-Hour Analysis:
Big Picture: Solana breaks out of the triangle formation, resulting in a massive price increase. As the price exceeded the falling channel resistance, a significant momentum was observed, which led to higher prices. Sellers had a chance to break below the range lows; they got a closure or two below the supports but failed to maintain any breakdowns, putting aggressive buyers on the offensive once more.
On the Upside once price crossed the 20.60 mark, the trending phase was once again observed. This was mentioned as a significant point in the prior session. Solana has now broken over the significant resistance levels of 22.05 to 22.15. If the strength persists, price is expected to target the mid-level at 23.40 level. Price acceptance above 23.40 will begin the next trading range between 23.40 and 26.55.
On the Downside several intra-day supports have now been re-created. All recently gained levels will provide these supports. Initial support is visible between 22.15 and 22.05 levels. Below these levels, the next supports are at 21.80, followed by levels ranging from 21.30 to 21.20. If these lower band of supports are challenged, Solana may expect a similar significant reaction in price.
