4-Hour Analysis:
Big Picture: The triangle converges further and has nearly reached its climax. Solana attempted a bullish breakout, however failed in its attempt as price got rejected off the intra-day resistance level and by the EMA-50. As a result price is back into the converging range. Solana has plenty of selling pressure above it and it would need acceptance above 33.70 to build bullish momentum.
On the Upside the price increase is once again halted around 32.40. Both of these levels, 32.40 and 33.70, have provided significant resistance. Furthermore, Solana now has another layer of resistance at 32.05 in the form of EMA-50. Bulls have found it difficult to overcome these barriers of resistance. Unless these levels are overturned, the upside is limited. However, breaking these resistances would lead price back towards 35.50, followed by 37.30.
The Downside As trendline supports climb, so do support levels. Currently initial support is seen at 31.05-30.95. Following these, the next supports are at 29.95 and 29.30. If these levels are challenged, expect aggressive short-coverings.
