SOL-“Strong Support Approaching”

4-Hour Analysis:

Big Picture: As Solana approaches the major support levels, certain intra-day supports are now being honored. This is an encouraging indication for the bulls, who have been struggling to find solid support recently. Furthermore, Sol is channeling into an early descending channel, which requires a few more edge tests to be considered legitimate. If Sol can sustain the intraday support level, a re-test of the supply level might be on the cards in the coming sessions.

On the Upside the first resistance level is found around 31.20, followed by the supply area at 36-37.50. Reclaiming these resistances might start the long-awaited corrective cycle for Sol, bringing it back towards 44.40, followed by 58.80.

On the Downside at 26.20, the initial level of support is noted. This level has been holding the downside for a few hours now, indicating that it is a solid support. However, we have a significant major support level of 24-20 following that. This level is expected to halt further falls and spark a wave of short-covering. Furthermore, this level is as powerful as the February to March 80$ support level.