SOL-“Momentum Recovering”

4-Hour Analysis:

Big Picture: Buyers stepped up for the prior session, preventing the price from falling below the range lows. Also, the bulls are presently showing a strong continuation, which would strengthen further if price could break through the falling channel barrier. In addition, a converging triangle pattern is taking shape. Price beyond the trendline with strength may also result in a breakout.

On the Upside the session’s initial resistance is at 21.05. This level corresponds to both horizontal and trendline resistance. Strength over this level would add to the momentum and allow for a higher push towards the 21.30 level. This is the horizontal barrier that has limited Solana’s upward potential, and a break over it would confirm the pattern breakout and set the target for 22.05 to 22.15 levels next.

On the Downside several efforts were attempted to break through the range low support levels, but despite a few outliers, sellers were unable to achieve anything substantial. For the session, price will find support in this zone. Strong supports are forming at 20.30 and 20.10 levels. If sellers are to induce further losses, a breach below 20.10 is still required. If pressure starts to build below 20.10 level, Solana will be exposed to the 19.80 level initially, followed by the 19.30 level.