4-Hour Analysis:
Big Picture: Solana is going to confront a number of severe hurdles above. Furthermore, it is forming a minor rising wedge formation, indicating that momentum is fading and that a corrective cycle is required before any further upward movement. Furthermore, in order to avoid any hyper movements, Solana should preferably strive for a re-test of major supports before any additional upward movement.
On the Upside Solana is presently in the third stage of its upward trend. It is now consolidating, which might be interpreted as a bullish flag if it breaks above it. Solana will see initial resistance at 24.40, followed by 24.95. Both of these are strong resistance levels for Solana. Even if it breaks above them, considerably greater resistances await at the 25.50 to 27.50 level. If price continues to test these resistances, it will most likely be labelled as a hyper move that could also get quickly sold off.
On the Downside the initial supports range from 22.20 to 21.05 levels. The next intra-day supports are visible between 20.75 to 19.80 levels. Both of these support areas are likely to put a stop to intraday profit-taking. However, the main support for Solana is located in the 18.20 area, which is also a major breakout based support. A successful re-test of this support, followed by a strong reaction, would maintain the short-term trend towards a bullish bias.
