4-Hour Analysis:
Big Picture: Solana started the session well, but the momentum was short-lived and caused a powerful round of selling, exposing price down to range lows. The re-test of range lows appeared likely, while a similar reaction from support was observed, which pulled price back up before the session ended. Solana is expected to be volatile in the future, and aggressive profit-taking is still advised on strength.
On the Upside the initial resistance level stays at 22.05, followed by 22.15. Surpassing these resistances would allow a re-test of the 22.50 and 22.80 levels. Price has to keep persistent strength above 22.80 in order to return to the mid-level at 23.40.
On the Downside Solana is vulnerable to support levels ranging from 21.30 to 21.20. Price is now holding these supports, indicating relief for bulls. Holding these supports for a longer period of time would enable momentum to develop, however losing them would place bulls in a weaker position, with price exposed for 20.60 level support, followed by 20.30 to 20.00 levels.
