SOL – “Re-test of Lower Supports Likely”

4-Hour Analysis:

Big Picture: Solana has recently shown some encouraging signs, but it has been clearly stated that its strength requires acceptance over 33.70 to maintain its momentum. Solana failed to turn that level, resulting in massive rounds of profit-taking. The bulls had their moment, but they did not take advantage of it, and the selling now have the upper hand as they seek lower support levels.

On the Upside couple of fresh resistances re-emerge. Initially 31.20 followed by 31.70 and 32.20. These are strong intra-day resistances that are likely to restrict any aggressive move on the upside. However, breaking these would once again open a move towards 33.70 which still remains to be a key level for bulls.

The Downside 30.50 is providing as the initial intra-day support level once more. The next levels of support are at 29.95-29.30. Both of these levels have significant demand, but if they are lost, Solana is likely to take a sharp drop towards 27.20-26.00 next.