4-Hour Analysis:
Big Picture: Solana also gained strong grounds for a push up after regaining critical levels of EMA-200 and falling channel resistance. However, the indicators continue to reflect a lack of aggressive momentum as Sol continues to take resistance near the 70 mark on the RSI. This demonstrates that sellers are still around and doing everything they can to keep Solana from getting aggressively bullish.
On the Upside at 42.70, there is strong resistance. This is a significant price level to breach. Breaking this will put Solana on track for 45 as next upside followed by 47.85 which is also the previous range’s mid-point.
On the Downside the initial support level is 40.40, followed by 38.90. Both of these supports are new and untested at the moment, making them probable support levels. However, major supports are expected to be observed in the 37.70-37.40 range. Multiple support confluences can be seen here.
