4-Hour Analysis:
Big Picture: Solana’s strength remains incredible. It is currently attempting a breakout above the falling channel and re-entry into the prior range. Going forward, this momentum must be maintained, as any weakness would put price in grave danger. As long as Sol hangs on to the major supports, momentum is likely to favor bulls.
On the Upside Sol is seeking to break over the major resistance level of 37.40. Bulls would be in a very good position if they could reclaim this resistance. A strong hold above this level is expected to extend the upside into 40, then 42.20. This is where the 4-hour EMA-200 is seen. Profit-taking is expected at this level, at least partially. However, a foothold over 42.20 will trigger a considerably faster push towards 44.40 and 47.80.
On the Downside initial support is now seen at 35.90 followed by the EMA-50 support level. This level must be maintained by the price for a few days before it can be considered effectively reclaimed. Unless price is repeatedly rejected off the barrier, the downside is initially shielded. However, if momentum is lost, the price might re-test the 31 level support, failing which opens the 27-27.50 level supports once more.
