SOL-“Strong Support Approaching”

4-Hour Analysis:

Big Picture: Solana shown strength in the previous session, triggering a sharp intra-day advance towards the supply level. It is now holding steady and would need to sustain this level of strength in order to trigger a breakout above the supply and falling channel levels and spark another wave of excitement. However, if this mid-day support is lost, Sol would be exposed to lower support levels.

On the Upside the primary resistance is initially noticed at 36-37.50. Reclaiming these resistances, followed by a breach above the falling channel, might kick-start Sol’s long-awaited corrective cycle, pushing it back to 44.40, then 58.80.

On the Downside initial support has come up towards 31.10. Following that we have next support at 26.20. This level has held the downside lately and triggered a strong bounce, 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.