4-Hour Analysis:
Big Picture: After holding the supportive area, there has been a strong recovery during the previous two trading sessions. However, the rebound has been halted once more near the higher intra-day levels. These intra-day resistances have been holding price back for about two weeks now, with no candle able to demonstrate any strength or close above them. Solana is struggling to break through this barrier and may remain within the range as a result.
On the Upside since yesterday, levels of 60.90 and 61.90 have been negating any signals of strength. Price tried to generate some momentum around these levels, but so far has failed. Solana would require stronghold above the 61.90 level in order to target the 63.95 level. Another key resistance level for Solana is at 63.95, over which lies the aggression.
On the Downside even if price is struggling at higher levels, lower supports between 59.70 to 59.15 have been maintaining price effectively. This was highlighted as a strong intra-day support for Solana. Going forward, if price can continue to maintain this supportive range, Solana’s chances to climb higher improve significantly. Meanwhile, breach of 59.15 brings the price down to the next supports, which are at 58.50 and 57.60.
