4-Hour Analysis:
Big Picture: Solana is currently consolidating inside a make or break range. Bulls must break through channel resistance soon to unleash a powerful pattern and trendline breakthrough. Meanwhile, sellers are seeking to negate this potential breakout by dragging the price below the major supports, nullifying the pattern and forcing more profit-taking and declines lower.
On the Upside Solana was able to break past not only 102.30, but also 105.50 and almost 107.50 levels. However, the bullish strength was insufficient to overcome the channel barrier, and as the price approached the breakout neckline and the channel resistance, instant rejection occurred. The levels of 102.30, 105.50, and 107.50 remain the principal levels of resistance for the session.
On the Downside a fresh round of support has emerged at the 97.70 level. Currently, price is completely utilizing this support level to prevent any lower dragging. However, below this level, an important support area of 96.50 to 95.20 exists. This is a vital territory for the bulls to control. Any pressure accumulation in this region drags Solana down, towards 93.70 and 91.20.
