4-Hour Analysis:
Big Picture: Solana attempted to test the main region of resistance and was initially rejected. The level often becomes weaker after several tests, and any further testing on the EMA-200 is likely to make it weaker. However, Sol will need to react positively to the support levels and sustain them. Furthermore, Solana on a daily is hinting towards a corrective pattern AB=CD, which could target price around 45-47 in the sessions to come.
On the Upside the first resistance level of 37.40 is still holding firm, followed by the 4-hourly EMA-200. Bulls must maintain current levels and produce a breakout over the falling channel resistance above 39.40 to open the door to more upside into 41, followed by 43. We have daily EMA-50 around 43, which is another major resistance level. Any surge over this, however, would take Sol to the completion of the corrective cycle, which is aimed at 45-47.
On the Downside significant support can been seen at 35.75. After that, the next level of support is at 33.80. This level has held well since it was converted from resistance to support. However, price has a key support level of 31.10 below this.
