4-Hour Analysis:
Big Picture: Solana’s range-bound environment is still present. Price made a deviation below the range supports once more, but immediately reclaimed it in the previous session. Furthermore, after reclaiming the range, price was able to effectively maintain the range supports, resulting in another move higher as bulls regained power.
On the Upside congestion is noticed between the 58.50 to 59.80 levels. Price is currently struggling as it approaches this area. Meanwhile, the next wave of resistances are at 60.90 to 61.90 levels above this range. Both of these resistance levels are likely to be difficult for the bulls to overcome in the ongoing session.
On the Downside the session’s initial support levels are 57.25 to 56.65. Below these rounds of supports, the next significant supports are at low levels ranging from 55.05 to 53.50. The 4-hourly EMA-100 is also present in this supporting zone. Any significant corrective decline is unlikely as long as Solana can maintain these levels.
