4-Hour Analysis:
Big Picture: Solana begins another converging triangle pattern. The channel is rapidly converging, indicating that a move is imminent. Furthermore, the breakout will dictate the coin’s next directional movement. Acceptance of 33.70 is required for a bullish break to build on its momentum, which is further supported by bullish divergence; nevertheless, a breach below channel support exposes Sol towards lower supports.
On the Upside Because of the presence of several resistances, 32.40 has emerged as a critical resistance. At this level, price is encountering a mix of horizontal, trend, and EMA resistance. Solana will most certainly struggle to break through this level, but a break over it will be a huge milestone for the price. The next level of resistance is at 33.70. This is a difficult challenge for bulls to perform. Unless Solana crosses these thresholds, further advance is doubtful. Surpassing these, though, would propel Solana towards 37.70.
The Downside remains same with 30.85 as immediate support level, followed by 30.50 and 29.20. Solana is gradually increasing its level of support. This is a good sign, but these supports will collapse until the price moves over 33.70 and establishes a stronghold. Breach of these supports exposes Sol next to 26.50-25.50.
