SOL-“Momentum Re-Emerging”


4-Hour Analysis:

Big Picture: Solana consolidated for another session while also maintaining the levels of supports. Holding the range lows has caused price to soar back into intraday resistances. Overcoming these resistances with strength could result in a potential AB=CD pattern for Solana, which will target the mid-range levels in the upcoming sessions.

On the Upside the price has returned to the intraday resistance levels of 21.20 to 21.30. These resistances have not been broken since May 8th, a period of 25 trading sessions. Strength over these levels may attract the interest of bulls, who could easily drive the price beyond 21.50 and perhaps 21.80. Overall, Solana is expected to target the 22.15 and 23.40 levels as long as the range lows hold.

On the Downside the dynamic EMAs of 32 and 50 both played a role in preventing price from losing its crucial support levels below. Furthermore, after holding these support levels, the price has risen. These EMAs will once again serve as important supports for the session, with further intra-day support added between 20.80 and 20.60 levels, followed by the EMA support at 20.60 and 20.50.