4-Hour Analysis:
Big Picture: Solana tested the 33.80 support level and responded with a strong bounce, printing a morning star candlestick pattern in the process. This pattern shows that there is strong buying interest at the lower support levels. In order to turn the tides now into a short-term bullish momentum, this strength must now go on to cause a breakout above EMA-200.
On the Upside the primary resistance level continues at 37.40 along with EMA-200 at 38.50. Bulls must overcome these important barriers in-order to bring second phase of excitement. Establishing a stronghold above the EMA-200 is expected to call upon aggressive bulls who then are likely to target 40–42 at first then 47.80 in sessions to come.
On the Downside EMA-50 at 34.80 is the immediate first support level. The next significant support after that is located around 33.80. Since yesterday, this level has flipped from resistance to support, and it has been holding strongly. After that, the major support level is located at 31.10 level. As long as this level holds bulls are in comfortable position. However, if this support is broken, bears will have a short-term advantage and will be able to attack the 30-29 level followed 27.50.
