4-Hour Analysis:
Big Picture: Solana has broken through a falling wedge and is presently gathering strength above the 4-Hourly EMA-200. Both of these developments can add to Solana’s growing momentum. Having said that, a key intra-day resistance is approaching, and a flip of this level could turn Solana aggressive again, aiming for the mid-range.
On the Upside Solana is presently attempting to break the 21.20 to 21.30 level. These are major resistance levels that have not been broken since May 8th. Solana breaking above these levels will be a significant intra-day milestone, triggering a phase of excitement for the price, with the primary targets being 22.15 and 23.40, along with some intra-day resistance between 21.50 and 21.80.
On the Downside several new supports are being developed. Expect the EMA-200 level to provide initial support at 20.80 for the session. This is also a horizontal level that will assist at these levels. Solana holding the EMA would offer the necessary strength for a breakout over intraday resistance. However, if the price fails to break out, it may result in intraday profit-taking, re-exposing it to the prior range lows. This level had previously been lost, however it has now been reverted after acting as decent support after yesterday’s session.
