4-Hour Analysis:
Big Picture: Sol was unable to maintain the month’s lengthy trendline support. This was a critical level to maintain in order to counteract the bear’s advantage from the continuous weakness. With oscillating indicators in an extremely oversold zone and price around reasonable supports, a relief rebound is not out of the question. If this level is not maintained, lower supports will be exposed.
On the Upside the initial resistance level will be 37.30, followed by 37.70. Surpassing these levels will push the price higher towards 38.40-39.20, then 40.50. To be back in neutral zone, Solana would need to be above 41.10-42.30.
On the Downside 36.40 is presently providing assistance. This is a good amount of support for the day. However, failure to hold this level exposes Solana to the next supports at 33.70-32.40. Expecting aggressive short-coverings to be seen at this level.
