4-Hour Analysis:
Big Picture: An aggressive round of short-coverings was seen. Furthermore, Solana is striving to break through the downward channel, but it is currently confronting with another obstacle at the intra-day resistance level. If it can get over these levels, Sol is in for a much stronger squeeze.
On the Upside the major resistance levels are still at 36.40 and 37.70. If these levels are crossed, the price will rise higher, initially towards 38.40-39.20, then to 41.10-42.30. However, 42.30 remains the pivot point between natural and bullish.
On the Downside new supports have formed at 35.80, followed by 34.60. The next supports are at 33.70 and 32.40, respectively. These levels have recently been challenged, resulting in a strong bounce. Expect these levels to provide strong support for the rest of the session.
