4-Hour Analysis:
Big Picture: Solana once again started showing signs of strength as it reclaims the important level of 42.30. This is a positive development for the bulls, who are now aiming for further gains in the coming sessions. However, Solana’s Relative Strength Index is once again reaching the 70 level mark which has been a fine resistance for it. For the past few months, the 4-hourly RSI has struggled around the 70-72 index zone. It must break this and continue to engagement over 70 to reflect a return of aggression.
On the Upside the initial resistance level is 44.20. The next level is observed at 46, followed by 47.35 and 47.85. Solana must reconquer 47.85 and hold above it in order to open the next range, which spans between 47.85 and 61.20.
On the Downside as the price reclaims the 42.30 level, the supports at this level have been re-established. 41.10 and 42.30 are anticipated to function as the day’s early supports. Following this, next supports are seen from EMA-50 and EMA-200 at 39.90 and 39.00, respectively. These are significant price support levels, but if they are breached, the downside is once again exposed towards 37.70, followed by trendline support at 36.40.
