4-Hour Analysis:
Big Picture: Solana saw a brief period of pressure below the range lows but that pressure remained short-lived. The moment range lows were reclaimed, and price broke through the falling channel resistance, a strong continuation was noticed. Now continuing to hold the range lows would once again lead to a re-test of mid-range.
On the Upside Solana has broken over a few intraday resistances and is now pushing for 22.05 to 22.15 levels. If price reclaims these resistance levels, the upward trend could pick up again. Over 22.15, the next level of resistance is at 22.80, followed by the crucial mid-range level of 23.40. This is a critical level to regain for Solana to open its next upward range of 23.40 to 26.55.
On the Downside the EMA-50 level has been regained and is likely to provide some early support to the price. The EMA-50 is now staging at 20.85 level. Solana has range-low supports below this, which are also expected to provide sufficient support for the session. And if price re-tests them and reacts strongly, these supports are likely to become increasingly powerful. And besides, for sellers to reclaim control, they must pull the price below the range low of 20.30.
