4-Hour Analysis:
Big Picture: Buyers stepped up once again and regained the preceding range low levels, resulting in yet another strong momentum buildup. Solana is now challenging the mid-levels, where some intra-day hurdles could be experienced, whereas persistent strength above these levels would strengthen the bulls’ case for even higher levels.
On the Upside Solana is aiming for the mid-level, which is now at 23.40. This represents a significant resistance level for the session. This level must be transformed into a solid support for Solana to continue rising. This would open the next range between the 23.40 and 26.50 levels. The next intra-day resistance level above the mid-range is at 24.25. Moreover, Solana is getting closer to a lower-time frame golden cross between the EMA-50 and the EMA-200. This will be another instrument to help with momentum.
On the Downside at 22.65, an immediate support level has been created. Below this, the recently achieved intra-day resistances of 22.15 and 22.05 serve as support levels. Once tested, these supports are expected to have a substantial favorable reaction. Also, these levels are seeing the presence of faster EMA sets of 12 and 22. Several levels are assisting price at these levels. However currently it looks unlikely but if these supports are breached, Solana will re-test the range lows around 20.60 to 20.30 levels.
