4-Hour Analysis:
Big Picture: Solana attempted a breakout but was met with several modest rejections from the preceding range. It is now holding firm, but there is still the chance of re-testing lower supports. Re-testing the lower supports, followed by a strong reaction, would re-strengthen the bulls to break and sustain above the previous range. Expecting volatility to increase.
On the Upside Sol is facing hard time at 35.90-37.40 level resistance. Bulls need to re-strengthen themselves to break this level. However, a strong hold above this level is expected to extend the upside into 40, then 42.00. This is where the 4-hour EMA-200 is seen. Profit-taking is expected at this level, at least partially. However, a foothold over 42.00 will trigger a considerably faster push towards 44.40 and 47.80.
On the Downside Solana is currently taking support from EMA-50. Below this, the next level of support is 33, followed by 31. These are good support levels for Sol and should protect the downside. Furthermore, a re-test of 27.50 is possible in the extreme scenario. This level, however, shall not be lost on daily closing.
