4-Hour Analysis:
Big Picture: Solana’s effort to recover control of the 12.40 level failed, leading in another major selling spree. Before bouncing back, price fell back to the daily support levels. A powerful bounce of the lower supports is noticed, although Solana still has to climb above the 12.40 level to establish that level as a reliable support. If the re-test fails, the price is likely get choppier again.
On the Upside the price is now again hanging around 12.40. The failure to recover control above this level triggered yesterday’s selloff. The session’s initial resistance is at 12.40, followed by levels of 12.75-12.95. In recent weeks, these levels have functioned as strong supports, preventing any selling. Expect them to provide strong resistance now. The next level of resistance above this is at 13.50.
On the Downside 12.05 was breached in the prior session, but has now been re-built as a support. However, major support for Solana is now at 11.70 level, which holds significant historical importance as well. At this level, Solana has good buying demand. Intraday pullbacks are anticipated to persist as long as price remains above this level.
