4-Hour Analysis:
Big Picture: Solana is now confined inside the bottom range of the prevailing consolidation zone. Sellers have done a good job of keeping prices from rising, but bulls have not given up and are holding the lower ranges strong as well. This consolidation is presently forming a converging triangle pattern, with a breakout expected in the upcoming sessions.
On the Upside the initial resistance for the session is 97.70, followed by 98.50. Above these levels, the next major obstacle is between 102 and 103, which is currently limiting the pair’s upward potential. This is the critical S/R level that must be flipped, and this level of 102 also serves as trendline resistance, which must be broken in order for bulls to resume their bullish trend.
On the Downside 95.50 remains a minor support level, but the session’s important supports are now set as 93.70 and 91.20. Solana sustaining these levels will benefit the pair, particularly the bulls. Meanwhile, any drop below 91.20 opens down the downside towards 87.25, followed by 85.00.
