SOL – “Room for Further Upside”

4-Hour Analysis:

Big Picture: Solana breaks through the converging triangle to challenge intraday levels. It has effectively broken over the initial barrier and is now attempting to gain acceptability above 33.70. Acceptance over 33.70 would be another strong lift for the price and would propel Solana towards higher levels even faster. Failure over 33.70, on the other hand, would render this breakout a fakeout.

On the Upside the price is now challenging the level of 33.70. This has been a crucial historical level that has previously served as solid support. Reclaiming this level would be required for price to continue its breakout and proceed to higher levels. A successful recovery above this level opens the door for a re-test of the EMA-200 at 35.50 breaking which leads next towards 37.40.

The Downside supports at 32.20 reappear. The next intraday support level is predicted at 31.90-31.70. Price has left a slight inefficiency here, and a reaction is predicted if a re-test occurs. Both of these levels are good for the day, but successive rejections on 33.70 might weaken the advance and re-open lower supports around 29.95-29.30.