4-Hour Analysis:
Big Picture: Solana had pushed higher into an important barrier after flipping intraday resistances, but the momentum has failed to generate any significant aggression, keeping price from breaking out into a new 52-week high. Furthermore, there is presently a significant wave of profit-taking that is going for the lower liquidity as Solana, despite several tries, has unable to obtain any exits from the prevailing range.
On the Upside the session’s primary resistance is 62.50. Meanwhile, the next resistant zone of 63.95 to 65.30 levels is present above this. This range is currently causing congestion for the pair. Solana would require significant strength to overcome this barrier and get back to the recent highs of 68.30, followed by the level of 70.30.
On the Downside Solana has intra-day supports ranging from 61.90 and 60.90. These levels were previously major resistances that have now been successfully transformed into supporters. If Solana can sustain these levels, its upward momentum will likely strengthen; but, if the supports are overwhelmed, the 59.50 to 59.15 levels may be once again revisited.
