4-Hour Analysis:
Big Picture: Solana continues to struggle at EMA-200, failing once more to exceed it. However, with solid supports below and important resistances above, Sol is forming a converging triangle pattern yet again. As the pattern converges, traders should expect choppy and volatile circumstances until price sees a breakthrough.
On the Upside the initial resistance level is currently 36.60. The next level of resistance is around 37.40, followed by the 4-hourly EMA-200. Bulls must sustain these levels and achieve a breakthrough over 38.90 to open the door to additional upside into 41, followed by 42.50. Another key resistance level is the daily EMA-50, which is at 42.50. Any spike beyond this, on the other hand, would bring Sol to the completion of the corrective cycle, which is intended at 45-47 currently.
On the Downside 35.20-34.80 are giving reasonable support for the price. These levels are likely to be intra-day supports for the day. After that, the next level of support is at 33.80. This level has held well since it was converted from resistance to support. Price, however, has a major support level of 31.10.
