4-Hour Analysis:
Big Picture: Solana was required to maintain the strong momentum from yesterday’s session, but that momentum dropped rapidly, causing price to re-test lower supports. Moving forward, maintaining lower supports is critical for Solana to keep its upward prospects intact, as losing lower levels would further weaken and delay the corrective process.
On the Upside Solana failed to break over the 21.50 barrier, causing intraday pressure to set in. The initial resistance for the session has been set at 21.05, followed by 21.50. Strength over 21.50 is likely to pave the way for levels of 22.05 to 22.15 levels. This is an important level for Solana to reclaim in order for its upside to continue into the mid-range.
On the Downside intra-day supports attempted to keep the price from falling back into the range lows, but the massive intra-day profit-taking pulled Solana down into the range lows supports levels of 20.60 to 20.30. This will be a key re-test for the price since holding onto this area will result in a substantial price rebound, however losing this support level will expose Solana to support levels of 19.80 to 19.30.
