4-Hour Analysis:
Big Picture: Solana dropped below the consolidation range. It found support lower at the intra-day support levels after losing this consolidation zone. The bounce, on the other hand, failed to recover access to the previous range levels since it was rejected. Solana is now stuck between an even narrower zones. Restoring to the previous range will allow for a relief push, but falling below the 4-hourly EMA-50 would drive price down, re-testing the lower support levels.
On the Upside the resistance level at 22.05, which was previously serving as a support level, essentially capped yesterday’s gains. Solana will need to break through this level in order to move higher, first into 22.80 and then into 23.20. However, the session is expected to be restricted at 24.40 or 24.95 levels at max.
On the Downside Solana is receiving strong support from the EMA-50 dynamic support level. Maintaining his level will favor an upward surge. If this support level is violated, the price is projected to fall towards the second intra-day support level at 19.80. These supports, however, will remain fragile as long as Solana fails to break past the major resistance levels mentioned above. The main Solana support is seen at 18.30 and 17.95.
