4-Hour Analysis:
Big Picture: Solana is impressively following the levels. Yesterday was a volatile day in which both bulls and bears struggled. Sol is now trapped between two important intraday levels. It is encountering severe resistance around 33.80 while continuing to get massive support at 31.10. In the future, whomever reclaims the key S/R level will have an edge over the other on short-term trend.
On the Upside 33-34 level resistance capped the upside aggressively. This is now becoming an important intra-day level to regain for any further upside. Following that we have next resistance at 35.80. 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 maintained the 31.10 level support for a few hours, prompting a strong round of quick short-coverings, driving prices back above. This level continues to provide critical support for the day. However, losing this support will provide bears with a short-term edge, allowing them to target the 30-29 level, followed by 27.50.
