4-Hour Analysis:
Big Picture: Solana is on the verge of developing a double bottom formation once more. However, confirmations are still pending. Price rising over the midpoint would act as confirmation of the pattern. Going forward, the mid-range remains a pivotal level for the next move. Strength above it would bring price to higher levels, while failure or rejection around it would revert back price to range lows in sessions to come.
On the Upside Solana will encounter initial resistance at 22.70, followed by 23.05. Also, the EMA-50 has now dropped to this level of 23.05. As a result, buyers will need to be very driven to surpass this level. Acceptance over the EMA-50 could halt the selling pressure and pave the way for Solana to aim higher levels around 23.40, followed by the 24.25 level.
On the Downside price has twice reversed back to the upside from 22.05 and 21.50 levels. This has nearly resulted in a double bottom pattern, which now requires breakout confirmation to propel prices higher. These levels will continue to be solid supports for Solana and should limit any selling pushes below them for the day.
