Big Picture: Solana has recovered into the early 70s as bulls were able to maintain intraday supports and important levels. However, the 4-hourly price action is presently forming lower highs and lower lows, indicating a trend shift, even if just in the near term. Breaking through the trendline barrier and immediate resistance levels could improve the pair’s short-term outlook. Meanwhile, risk management is still suggested in the short term.
On the Upside at 72.80, the horizontal and vertical resistances combine. If bulls were to have a chance to show some strength over the 72.80 mark, Solana might push back into 75.20 and 75.80 levels. Meanwhile, profit-taking on strength is still encouraged going forward, since weekly resistances are only a few points away from current levels.
On the Downside Solana had a great deal of support at 68.20. There was horizontal and dynamic support in this area, which maintained the price for a few hours and then assisted in a recovery push. Solana’s 70.30 has also been reinstated as a support. However, the EMA-50 and the 68.20 level provide significant support for the session. Downside is to extend once price loses these supports.