4-Hour Analysis:
Big Picture: Solana continues to punish late short sellers severely. Price has risen 75% in just a few sessions from the bottom level of 8.15. Our earlier reports continued to emphasis such a development, in which late sellers may be liquidated with a V-shaped rebound. Solana has continued the trend upward and appears to be holding strong. It is currently approaching the mid-range level, and regaining it would trigger another rapid round to the upside.
On the Upside Solana topples numerous resistances for another session. It has now converted a handful of resistances into supports. The session’s initial resistance is felt at 14.40, followed by 14.95-15.25 levels. At these levels, a major wave of profit-taking cannot be ruled out. To keep the momentum going, Solana has to get above the Mid-range and establish a stronghold above it.
On the Downside several supports have been restored. Initial support is currently at 12.95-12.75, followed by 12.40. These supports are likely to generate strong new demand upon re-testing. When support retests, Solana will see new buying. However if Solana drops below 12.40 level it could equally damage late buyers and set the stage for a deeper pullback.
