SOL-“Expect Volatility”

4-Hour Analysis:

Big Picture: Solana experienced several rejections of the EMA-200 and falling channel resistance. This has temporarily weakened the short-term bullish momentum. Furthermore, Sol is on verge of breaking through lower trendline supports. If the trendline support is lost, Solana may be exposed to lower intraday supports. With the exception of the short term, Sol is a leading coin with better higher time-frame structures; any additional aggressive sell-off will be unsustainable for bears.

On the Upside initial intra-day resistance is now seen at 34.80 followed by 35.20 and 36.60. These levels are now likely to give decent intra-day resistance. Following that price has next level of resistance 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 c 33.25 is presently providing intra-day assistance. This level has held price for several hours now, making it a legitimate intra-day support. However, losing this will expose Solana to 31.80, followed by 31.10. This is an important level of support for the price to hold.