SOL-“Play the Levels”

4-Hour Analysis:

Big Picture: As the price has reached a critical level, a big round of profit-taking is being observed. Solana remained stable to the upward, but it failed to initiate that aggressively bullish move and struggled to break through the 70 level mark on the relative strength index, which showed a sign of weakness. This weakness, however, can be offset if Solana can maintain the lower support levels and aggressively re-bound with a break over the 47.85 mark.

On the Upside initial resistance for the day is seen at 42.70 followed by major the resistance level at 47.40-47.85. This level is likely to be the transition between the next wave of upside. A successful recapture above 47.85 is expected to open up the next range, which will be between 47.85 and 61.20.

On the Downside the daily EMA-50 support level is around 41.40. This will be an important level for price to keep on daily closing.  Furthermore, during the intraday session, the price tested lower levels around 40.40 and 39.80, both of which offered significant support. These levels are expected to remain solid intraday supports. However, the next massive support for the session is visible between 37.70 and 37.40.