4-Hour Analysis:
Big Picture: Bulls have returned with a strong impulse to the upside as the lower-time frame bullish pattern structure confirms. Furthermore, bulls were able to strongly hold lower supports this time, assisting price in gaining further momentum. However, there is still possibility for upward in the short run, but Solana is about to run into a weekly resistance zone, which could potentially cause even tighter profit-taking rounds.
On the Upside the session’s primary resistance remains at 72.80. The next level of resistance is at 75.80. Meanwhile, Solana’s weekly resistance levels range from 79.20 to 82.00. This is where some heavy congestion may be seen in the coming days and weeks. As a result, these levels should be approached with caution.
On the Downside several intra-day supports were re-added in yesterday’s move. The highest level of support for the session is presently at 70.30, followed by 68.20. However, Solana has come across a few wickless candle formations in the previous few days, which is cause for concern because these levels are normally filled sooner or later. These liquidity points at 68.20 and below should be monitored since Solana could simply fill them up in a matter of days to weeks if a correction wave forms.
