4-Hour Analysis:
Big Picture: Due to the lack of a positive reaction, additional profit-taking occurred, resulting in a breakdown of intra-day support levels. Solana reached a few significant milestones but fell short of an aggressive and sustainable trend. Price is approaching the trendline-based support zone once more. Furthermore, with indications approaching the oversold zone, a partial positive reaction can be observed.
On the Upside the initial resistance is 41.10, followed by 42.30. These levels are expected to act as intraday resistances once more. Following this, Solana will see next resistances at 43, followed by 44.40.
On the Downside Trendline supports are expected to be tested once again. These supports are situated between 39.80 and 39.50. Since mid-June, these trendlines have been holding strong, providing solid price support. Losing them will very certainly be a big setback for the price, exposing it to 37.40 and then 36.40.
