4-Hour Analysis:
Big Picture: Solana maintains a strong amount of support as it begins to consolidate. This consolidation is required to absorb any remaining selling pressure and to provide a stable foundation before any further upside expansion. Maintaining this support will likely exhaust the remaining selling pressure and requiring short-term bulls to step in once again.
On the Upside the first level of resistance is at 41, followed by the 4-hour EMA-100, which is now at 43.70. This EMA has not been tested for over a month. As a result, this is likely to be a significant hurdle going forward. Following that, we have strong horizontal resistance around 45-47, which must be reclaimed and turned to support for a sustainable upside move. Successfully regaining this level is expected to open the door to additional upside for Sol, initially towards 58 followed by potentially towards 70-72.
On the Downside At 39-37.40, Sol still has excellent intraday support. This area is expected to provide excellent demand-based support. However, a break below 37.40 is expected to expose price towards falling channel support around 35.50 once more.
