4-Hour Analysis:
Big Picture: Solana sees a somewhat flat session with little movement at the pricing end. The latest price spike has been restrained by intraday resistance. With repeated rejections being tracked at the crucial level of 22.05 to 22.15, Solana may revisit lower levels before attempting additional upside.
On the Upside the session’s resistance levels remain firm between 22.05 to 22.15. These levels are presently witnessing the presence of 4-Hourly EMA-50 and EMA-200, which are contributing to the already existent resistance. Price must break out of this territory to re-target the upper levels of 22.80 followed by mid-level at 23.40. Additionally maintain profit-taking stance on strength.
On the Downside similarly, Solana continues to observe 21.80 as the primary support level. This level of support resulted in intra-day short-coverings, although that push was also short-lived. Continuous failure to exceed 22.15 will undoubtedly undermine this support level, perhaps exposing Solana deeper into 21.30 to 21.20 levels next.
