4-Hour Analysis:
Big Picture: The momentum finally slowed as Solana reached important levels on the upside. This slowing and transitory corrective phase has also cooled the much overbought short-term indicators. Meanwhile, Solana is anticipated to experience more volatility during the session and the next few sessions. It is reaching major weekly resistances, which might maintain the profit-taking situation more likely.
On the Upside there are some intra-day resistance presence between 114.90 to 115.20. Above these, the next key resistances are at 118 to 122 levels, followed by 128 and 132 levels, which are the weekly resistances and can stretch all the way towards the 138 level. These levels are capable of triggering major profit-taking rounds. As a result, these levels should be approached with caution.
On the Downside minor supports for Solana could be found from 112 to 111, followed by 109.80 to 109.30. The dynamic 4-hourly EMA-32 and the 103.80 to 102.50 levels, however, are Solana’s principal supports. The collective efforts of both these levels contributed to the price recovery. These will continue to be the session’s major supports. Furthermore, the 4-hourly EMA-50 is now reaching 102.50, which would help this supportive zone even further.
