4-Hour Analysis:
Big Picture: Solana has been following the levels with great precision. Price returned to the mid-range yesterday after gaining support from the lower band. The re-test was seen twice, and on both occasions, there was an immediate rejection, resulting in another intra-day sell-off. Failure to break through the mid-point would keep the price on track to retest the Range Bottom.
On the Upside the initial resistance level is currently at 22.70, followed by 23.05 and eventually 23.40. This level, at 23.40, is the key obstacle that must be broken for Solana to restore intraday momentum and aim higher levels. Moreover, the presence of EMA-50 at 23.40 will make it even more difficult for buyers to surpass that level.
On the Downside the price is re-testing the intraday support levels. These supports have been repositioned between 22.15 and 22.05 levels. These supports will provide solid intra-day support for the price, but if Solana fails to show any strength, these supports are likely to give way and drive the price lower into 21.50 and perhaps further into 20.60 to 20.30 levels.
