SOL-“Important Consolidation On-Going”

4-Hour Analysis:

Big Picture: Solana observes a session with narrow price activity following a few lively sessions. Previous reports stated that price might be held within the immediate levels, giving room for limited action. Solana’s near-term movements are to be shaped by its directional move after this consolidation. Price would become optimistic again if it broke over the intraday resistances, while a fall below the 19.90 level would send it back to test lower support.

The Upside for Solana stays unchanged, with initial resistance at 20.80. Above that price, the significant intraday resistances are between 21.20 to 21.30. Strength above this zone is required to restore excitement and seek for higher levels. Keeping the range low would keep the 22.15 and 23.40 levels within reach for the time being.

On the Downside several intra-day supports have been identified. The dynamic support levels of EMA-32 and EMA-50 are initially protecting the price just above the range lows. Below these EMAs, the next level of support in the offering comes from the range lows of 20.30 to 20.00. Solana’s downside risk is minimized as long as these supports are held, however losing these levels might trigger a bigger wave of profit-taking, exposing lower levels.