4-Hour Analysis:
Big Picture: Solana is again forming a probable inverse head and shoulder price pattern. Bulls are under pressure to maintain the current price pattern by holding the immediate support levels. Furthermore, the confirmation might come from the RSI pattern, which is now being restricted by the channel resistance. If price and RSI can break out at the same time, Solana might see massive momentum forming, allowing price to bounce back towards earlier highs as well as weekly resistance.
On the Upside Solana has a few intraday resistance levels ranging from 102.30 to 107.50. Initially, horizontal resistance is there at 102.30 level. Above this price, the next resistance levels are at 105.50 and 107.50. In addition, between these levels lies the neckline of a potential head and shoulder price pattern, as well as falling channel resistances. Strength above 107.50 takes Solana initially towards 112.00 and 114.50 followed by 118 and 122 levels.
On the Downside lower time frames provide good support between 98.20 to 96.50 levels. This is a reasonable S/R level for Solana, and if price can maintain this level, the upside potential is likely to improve. In addition, the pattern remains valid as long as this region is held. However, if price loses this support level, the decline might extend towards 93.80 and 91.20 levels.
