SOL – “Promising Signs”

4-Hour Analysis:

Big Picture: The strength sustained, resulting in a breakout on Solana. Solana has currently sparked multiple breakouts, but is now testing the important level of EMA-200. This will be another intra-day milestone if price surpasses this as well. Furthermore, Solana’s Relative Strength Index (RSI), which was earlier struggling at 70-73 levels, has returned to these levels. For price to maintain its momentum, this indicator should preferably show additional strength, which would lead to higher levels.

On the Upside the price is now holding the drive around 35.20 due to intra-day pressure from the EMA-200. Breaking this will take price next towards 37.40. This will be an important S/R level for Solana. Breaking this would result in another good breakout, paving the way for even higher levels in sessions to come.

The Downside 33.70-32.30 to serve as supports once again. These will be crucial re-test levels. Failure to hold would expose Solana back towards supports at 31.30, followed by 30.50.