4-Hour Analysis:
Big Picture: Solana is still trading in the micro range of 12.40 to 11.70. With each passing hour, the price activity grows thinner and thinner. Such dry circumstances normally indicate an increased likelihood of an expansion phase. Solana might see steady expansion if the price rises over 12.40 or falls below 11.70. The choppy circumstances may persist unless the range is expanded.
On the Upside the lower the time window, the faster the EMAs are now taping the price. Solana has to move back above them in order to get any momentum. That momentum, though, will be meaningless unless the 12.40 level is recaptured. Regaining this level will certainly improve the overall price action, with a probable target range of 12.75 to 12.95.
On the Downside multiple supports in a narrow range for Solana. The first support level is currently at 12.05. Following that, the next level of support is at 11.90. These supports are expected to keep the downside risk in check. Furthermore, as long as Solana trades above 11.70, the panic sell-off crisis will be avoided. However, if 11.70 is lost, Solana could fall into 11.0.
