4-Hour Analysis:
Big Picture: As predicted, Solana lost the sideways support levels and fell lower. It is now testing intra-day support levels and is doing well. Since testing the demand zone, Solana has experienced a V-shaped recovery. It has left several inefficiencies underneath and may re-test them in the coming weeks, so new participants should be cautious with their entries as a huge relief rally has seen the conclusion of wave 1 at the very least.
On the Upside Resistances are being added at 22.05 and 23.20. Above them, the next resistance levels are at 24.40 and 24.95. These resistances are proving to be too strong for price to break through on initial attempts. Solana must break them in order for the recovery to go to greater degrees.
On the Downside Solana has received solid support at the 20.75 level. This was the price’s second support level. These supports from 20.75 to 19.80 are expected to remain for a longer period of time, protecting the price from any intra-day selling. These supports, however, remain vulnerable as long as Solana fails to break through the above big resistance levels. The major support for Solana is located between 18.30 and 17.95.
