4-Hour Analysis:
Big Picture: Solana is now trading in a narrow range of 37.40-41.00. Sol is likewise looking for a trigger to break out of this range and start a new short-term trend. Price is now holding onto the main support levels well. Continuous support from current levels will help to provide a solid foundation for any potential upside. However, if the wedge support around 35 is breached, the sentiment would shift back towards short-term bearish.
On the Upside the first degree of resistance is 41. This level is resisted by both horizontal resistance and the EMA-50. Next is the 4-hour EMA-100, which is now at 43.30. This EMA has been untested for over a month. As a result, this is likely to be a major hurdle ahead. Following that, we have significant horizontal resistance around 45-47, which must be regained and converted to support for any sustainable upward. Regaining this level successfully is likely to open the door to more upside for Sol, initially towards 58 followed by possibly towards 70-72.
On the Downside Sol has good intraday support at 39-37.40. This area is expected to provide strong demand-based support. A break below 37.40, on the other hand, is projected to expose price to falling channel support around 35.50 once again. This channel must hold or further fall is predicted towards 32-28 initially.
