SOL-“Support Re-Tests Likely”

4-Hour Analysis:

Big Picture: Solana maintained its bullish momentum and came very near to the barrier level above. It has once again seen rejection and quick profit-taking along that level, indicating that sellers retain control of that level and are working hard to keep prices below that zone. Layer 2 upside will be limited unless price gets to rise over 47.85. Furthermore the Relative Strength Index behavior remained same and once again faced rejection in breaching that resistance zone.

On the Upside Initial resistance is found at 44.20 once more. 45.20 is the next resistance level, followed by 46.70 and 47.85. Solana must retake and hold 47.85 in order to unlock the next range, which spans at 47.85 to 61.20.

On the Downside 42.30 level has once again shown to be a reliable support. 41.10 and 42.30 are expected to be effective supports. Following that next support is seen from the EMA-200 at 39.80. This is a crucial support level, but if it is breached, the downside is once again exposed towards 37.70, with trendline support at 36.60 next.