4-Hour Analysis:
Big Picture: As price retained the support area, the range levels were honored. As a result the range highs levels have been re-tested. Solana is presently testing this resistance zone and needs to break through above to continue this trend. If no breakthrough occurs, the range levels will remain valid. As a result, the range levels should be observed until a breakthrough occurs on either side. While in an event of bullish breakout the range is expected to increase towards the higher side.
On the Upside Solana is testing highs in the 26.10 to 26.55 area. These levels have essentially limited the price’s bullish movement. Also, these range highs have not been broken in over a month, so buyers will need to be extremely committed to break through this level. Surpassing this region successfully will lead to higher levels initially at 27.30 followed by 29.00, and eventually at 30.15.
On the Downside the newly regained levels of 25.00 and 24.25 will provide immediate support. Maintaining onto these supports will be highly positive for the price and improve the odds of a bullish breakthrough significantly. The next intra-day supports below these will be at 23.50 and 22.50.
