4-Hour Analysis:
Big Picture: Solana holds on to the support levels for another session, but stays confined within a limited range. This choppy scenario is unlikely to last long, and the price is expected to expand in the coming hours. Bulls need to rise over 42.30 to have the upper hand, while bears need to breach the channel support and add pressure by violating the 36.40 support level to have the upper hand on the charts.
On the Upside EMA-200 at 40.20 continues to resistance the price surge. Multiple resistances exist for Solana between 40.20 and 42.30. Solana will need to recapture these levels in order to regain its bullish momentum. The upside is likely to be limited until these levels are restored. However, the next resistance levels are at 44.20, 45.20, and 47.85.
On the Downside the secondary trendline support continues to immense support. Since yesterday, this channel-based support has climbed to 38.70. This level is holding reasonably well, but if it is breached, Solana is expected to go lower towards support levels between 37.40 and 36.40. These are extremely significant supports for Solana and are equally important to preserve because losing them could put price in a highly vulnerable position.
