SOL-“Indecisive Price Action”

4-Hour Analysis:

Big Picture: Solana challenged the multi-trendline and gets decent support from the lines. This was a much-needed breather for Solana to stop the downward pressure. Given solid supports below and powerful resistances above, Sol is likely to get trapped and manipulative in the coming sessions. The choppiness is expected to persist till Solana regains the advantage over 42.30.

On the Upside Sol is battling to break through the 36.40 and 37.40 resistance levels. The 4-hourly EMA-200 then offers the next level of resistance at 38.80. If Solana can reclaim control above the EMA-200, this will be a big price recovery level. Successful reclaiming results in 41.10, followed by 42.30. Sol must recapture and establish a footing above these critical reversal levels in order to reignite the offensive.

On the Downside Trendlines remain a solid level of support. They are providing support at 35.00-34.70. Bulls must maintain this level in order to exhaust intraday sellers. However, losing the trendline stretches the decline further, first towards 33.70-32.40, followed by 31.10.