SOL-“Key Supports Below”

4-Hour Analysis:

Big Picture: Sol was unable to maintain its momentum and has initiated intraday profit-taking. For bulls, the EMA-200 proved to be a significant rejection point. Solana is once again leaning toward lower-level supports. These supports, like other coins, are critical to keep. Losing them would prolong the choppy environment; hence, strength above EMA-200 is required to negate such situation.

On the Upside 37.40 has been transformed into a resistance once more. However, the EMA-200 level, which is currently at 40.80, remains the important resistance. Bulls failed to break this level on their first attempt. Now, re-testing supports followed by a significant bounce could pave the way for this test once more. To extend the upside into 42.20, 44.40, and 47.80, a good hold above the EMA-200 is required.

On the Downside Sol is currently attempting to take support from the prior breakout levels. This support can be found between 34.75 and 33.95. Currently holding well, however a breakdown opens the lower support level at 32.25, followed by the 31 level. Holding into these supports will keep the higher-time frame price action in favor of the bulls.