SOL-“Potential Breakout Possible”

4-Hour Analysis:

Big Picture: Solana is gaining tremendous strength. It held to its supports and is currently striving to re-enter its previous range. Furthermore, Sol is set to confront several key level regaining, which would transform the strength into a considerably more sustainable upside. Expect Volatility as Sol tests these resistances.  

On the Upside Sol is seeking to break through the 36-37.50 zone. Reclaiming these resistances, followed by a break above the falling channel, might kick-start Sol’s long-awaited corrective cycle, pushing it back towards 42, then 44.40, and finally into the previous range’s midpoint at 47.80.

On the Downside the EMA-50 is anticipated to be a crucial price support. This level must be maintained by the price for a few days before it can be considered effectively reclaimed. Unless price is repeatedly rejected off the barrier, the downside is initially shielded. However, if momentum is lost, the price might re-test the 31 level support, failing which it opens the 27-27.50 level support.