4-Hour Analysis:
Big Picture: Solana re-tested the Mid-levels of the range after being approved back into the prior range. Initial rejection has been observed from that level, prompting intraday profit-taking once more. Nonetheless, buyers continues to dictating the short-term trend, and getting their hold above the mid-range would make them even stronger, even if just in the short run.
On the Upside price was rejected at the mid-point of 23.40. This level must be regained for Solana to maintain its optimistic short-term outlook. If the price gains a foothold above 23.40, it will extend the upswing into higher levels, initially targeting the 24.25 level and potentially striving for range highs next. Also, the short-term golden cross between the EMA-50 and the EMA-200 has been achieved, that may also assist buyers to maximize on current momentum.
On the Downside Solana is now trading at intraday support levels of 22.15 and 22.05. However, price is having difficulty maintaining these supports levels. Solana is currently beginning to develop firm support at the 21.90 level. This expanding supporting zone is favorable for buyers. Nevertheless, below these supports, further stronger support are establishing at 21.30 to 21.20 levels. Both of these supporting areas are anticipated to hold up against any heavy selling for the session.
