SOL-“Multiple Resistances Above”

4-Hour Analysis:

Big Picture: Solana continued to squeeze harder than anticipated and came close to testing off the threshold of 37.40 before getting rejected. However, an effort to retake the 33.80 mark was anticipated. Moving forward, Sol may be in line for a decisive retest at 33.80. Taking this level of support would once again allow for an upward surge; on the other hand, losing this support would similarly reveal lower support levels in the hours to come.

On the Upside initial resistance for the session is seen at 37.40. This is a strong resistance for the day and breaking this could be equally exciting for bulls. However, above that, the critical resistance of EMA-200 is also observed. The EMA currently trades at 38.50. Although a break above both the key levels would be highly bullish for short-term targeting 40 followed by 44 and eventually 47.85.

On the Downside 34.30 is the immediate first support level, followed by 33.80. The crucial support level after that is found at 31.10 level. Solana is still receiving a good amount of support from this level. Bears will, however, have a short-term edge and will be able to attack the 30-29 level and subsequently 27.50 if this support is breached.