4-Hour Analysis:
Big Picture: Solana is among the strongest coins during the previous round of recovery. It tested out the 4-hour EMA-200 and was rejected. This was a critical level to hold for any further upwards movement. However, bulls were unable to regain control of that level, hence exposing the price to its lower supports. If Solana can sustain its current lows, there is still hope of re-testing the EMA-200 in coming sessions.
On the Upside a few new resistances have emerged. The price is projected to encounter a barrier around the 33-34 level zone, followed by resistance at 36.20. This is the present location of EMA-50. Above that, resistance is seen at 37.40, followed by the EMA-200 at 40.35.
On the Downside Solana is currently taking support from the intra-day support at 31. This is a significant price support for the day. Ideally, this support should hold the day, but in the event of an extreme sell-off, sellers would try to target the 30.10-29.30 zone, followed by 27.50.
