4-Hour Analysis:
Big Picture: Solana is unable to generate any aggressive momentum above the trendline. Additionally, the lack of momentum suggests that short-coverings, rather than new demand, may have driven the rebound. If bulls fail to gain momentum in the following hours, this weakness might serve as a red carpet invitation for sellers.
On the Upside 21.05 has been re-established as a session resistance level. Above that price, there is significant horizontal resistance between 21.20 and 21.30, which has once again limited the previous day’s upward potential. Breaking through this barrier is still necessary for the upside to widen and for Solana to develop some sustainable momentum.
On the Downside the 21.05 level was unable to establish itself as a meaningful support level. As a result, Solana has reverted back to the 20.60 to 20.30 range. Repeated re-tests of this range, on the other hand, have started to weaken the level’s strength. To maintain lower supports valid, buyers should rather step up and pull prices higher; otherwise, the risk to the downside would rise.
