SOL – “Sellers Momentum Weakening”

4-Hour Analysis:

Big Picture: Solana is under pressure as it moves through an aggressive falling channel. Recent events, on the other hand, have generated a bullish divergence since the indicator and price were not moving in harmony. Solana must rise over 37.40 in order for the divergence to take effect. This would trigger aggressive short-coverings, which could pave the path for 41.10-42.30 as well.

On the Upside the initial resistance is presently around 35.50, followed by 36.40 and 37.70. If these levels are exceeded, the price will move towards 38.40-39.20 and then to 41.10-42.30. To be back in the neutral zone, Solana would need to be above 41.10-42.30.

On the Downside 33.70 continues to provide sufficient support. The zone between 33.70 and 32.40 has significant demand and must defend the price from further slippage. The next level of support, however, is located at 31.10.