4-Hour Analysis:
Big Picture: Price remained choppy and uncertain once more. Solana, on the other hand, has sustained intraday support remarkably well as bulls strive for a lengthier wave of correction. Overall, the price structure is forming a triangular pattern, and the breakout will determine the trend’s future course. A break beyond 37.40 will be bullish for the price, while a breach below 31.10 and 26.20 would cause serious problems.
On the Upside the EMA-50 at 35.20 is a strong intraday resistance level. This level effectively halted yesterday’s price increase. The next intraday resistance level is at 36.60. These levels are anticipated to continue putting pressure on prices. Breaking over these intra-day barriers, however, leads to 37.40, followed by the 4-hourly EMA-200. Bulls must hold these levels and break over 37.40 to open the door to additional upside into 41, then 42.5, and eventually towards 47.85.
On the Downside 32.40 has continued to provide tremendous support and is expected to continue to do so throughout the session. If Solana loses this, it will be vulnerable to 31.80, followed by 31.10. This is an important level of support that the price must retain in order to avoid further aggressive sell-offs.
