4-Hour Analysis:
Big Picture: Solana had some congestion as it attempted to break through the intra-day resistance level of 21.30. Several attempts were made to acquire momentum beyond the intra-day resistance, but price failed to establish that momentum. Going forward, Solana is currently confined between intra-day levels of 20.80 and 21.30. Price above 21.30 indicates bullish continuation, while price below 20.80 indicates a re-test of lower supports.
On the Upside Solana attempted but failed to achieve acceptance over the 21.30 mark, resulting in intra-day profit-taking. There are several major intra-day resistances for Solana between 21.30 and 21.80. In this range, the falling channel resistance and the EMA-200 are present. Breakout above them would be a very positive sign for buyers, who would then be looking for 22.15 or possibly higher levels.
On the Downside as previously stated, 20.80 and 20.60 were likely to limit any short-term moderate selling pressures. These support levels yesterday kept the price from falling any further and are expected to provide considerable support throughout the session. While losing these supports would put the stock under increased intraday pressure, exposing recent lows around the 20.30 to 20.00 levels.
