SOL-“Volatile To Prevail”

4-Hour Analysis:

Big Picture: Solana, after failing to break through the range highs, has witnessed some additional profit-taking and is expected to fall into the prevailing range’s mid-range levels. Price has deviated above the range highs for the second time, as bulls failed to maintain momentum to spark a lasting breakthrough. Solana has now spent the previous 24 sessions inside this range. 

On the Upside 60.90 and 61.90 have re-established themselves as main resistances. These have been significant S/R levels in recent weeks. Any signs of strength above these levels will open the door towards the upside for 63.95, followed by 65.30. However, sustained momentum over 63.95 is required to propel Solana to new highs for the year.

On the Downside at 59.50 to 59.15, there is solid session support. These supports have held price against repeated intraday pressure phases during the previous 6 days. However, the recent failure noted above may have created space for a slide lower to occupy the lower liquidity levels. Solana, on the other hand, is anticipated to take a fall towards the 58.50 level next, which is the mid-range level for this prevailing range. Meanwhile, the trendline support is nearly at this level as well.