4-Hour Analysis:
Big Picture: Solana entered an aggressive selling action after breaching the trendline supports. It has broken several very strong supports along the road and is now trading below the 12.40 mark. For bulls, this remains the absolute minimum level to reclaim in order to avoid further slippages. Solana is expected to remain under selling pressure if it continues to consolidate below this level and fails to recover it.
On the Upside the price is currently hovering around the 12.40 mark. The session’s initial resistance is at 12.75-12.95 levels. These levels have served as reliable supports in recent weeks, protecting against any selling. Expect them to serve as strong resistance in the coming. Above this, the next level of resistance is at 13.50.
On the Downside the 12.05 level is presently the initial level of support. At this point, initial reactions are still positive. However, additional confirmations are needed before Solana can fully identify a short-term bottom. Below this support level, the 11.70 level will be exposed once more. This is the daily support level that Solana accumulated for months before the Bull Run began. As a result, historically significant level and an important support to hold on higher time frames.
