SOL-“Volatile to Prevail”

4-Hour Analysis:

Big Picture: The intra-day supports have once again worked their magic, holding the price at lower levels and pushing it higher. Although the momentum is lighter for the time being, a breakthrough over 63.95 could tilt the balance back in favor of the bulls. The short-term range high has capped the potential, but beyond it, the price is expected to strive for recent highs and fresh 52-week highs. 

On the Upside price was able to rise back above the intra-day hurdles and into 63.95 level followed by 65.30. There was an even higher squeeze this time, but the stronghold remains short-lived and is pushing for profit-taking. Sustainable strength over 63.95 and 65.30 expands the upside to 68.20 followed by 70 and possibly much higher.

On the Downside the session now has additional support from the 61.90 and 60.90 levels. The main supports for Solana, however, remain active at 59.50 to 59.15 levels. These supports have not only held the price despite the presence of selling, but have also resulted in a powerful reversal. Solana continues to have several solid supports within the current range.