4-Hour Analysis:
Big Picture: Solana has been consolidating and correcting following a significant run upward. Yesterday price fell below a key supportive range, however as of now it has reclaimed above it but is still lacking in showing the aggression. Any pressure building below these supports, poses a significant risk for Solana of a downside into lower supports. Meanwhile, finding acceptance above the range supports will provide the pair with some short-term relief.
On the Upside 55.05 acts as an initial resistance level. Following this, 56.20 will serve as the next resistance level. If Solana is to push for any short-coverings, it must show some strength over 56.20. Holding above 56.20 will allow price to climb towards 57.00 and potentially 58.20 as the next upside targets.
On the Downside a short-term deviation below the supporting range occurred. The supports are back in place between the levels of 54.10 and 53.50. The EMA-100 level provides additional protection around these supports. However, failure to maintain these supports will very probably result in another corrective move down, potentially aiming for a re-test of the 4-hourly EMA-200.
