4-Hour Analysis:
Big Picture: Solana continues to fluctuate between the EMA-50 support level and the 24.90 level of resistance. As the EMA continues to trail higher and higher, the range between these levels is starting to get compressed, indicating that an additional impulsive move is approaching. Overall, the price remains channeled to the upward as it moves in an ascending channel.
The Upside remains the same with24.90 level continuing to function as a resistance level. This barrier has been holding back the bullish continuation for the last several sessions. The upside is restricted unless there is a strong display of strength above this level. However, not just this Solana faces comparable resistance over this level at 26.60.
On the Downside currently, the EMA-50 support level is at 23.60. This level of support is significant for the bulls. Holding this level maintains the bullish momentum; nevertheless, if this level is breached, the price is likely to test the channel support level at 22.95. Both of these supports have kept Solana from falling lower. Sellers must drive prices below both of these levels in order to drop prices into the 20.80 to 19.80 range.
