4-Hour Analysis:
Big Picture: Solana remained active during the weekend, surpassing and testing a number of higher resistances. Profit-taking was indicated in earlier reports due to the fact that Solana was approaching weekly resistances, with severely overbought circumstances on higher-time frames. This has resulted in a major liquidity hunt lower, meanwhile Solana is now expected to enter a volatile situation over the next days.
On the Upside the week’s starting resistance is 70.30. Above this level, there is likely to be some congestion for Solana between 71.70 to 71.90. Furthermore, the hurdles for bulls do not finish here and are expected to reappear between 72.80 and 75.10 to 75.80 levels. As a result, bulls will need enormous momentum to break through these barriers and go back into the weekly resistances higher.
On theDownside Price fell towards the 64.00 level, but recovered almost instantly. The intraday support of 68.20 is still active and is protecting the price on lower time frames. Solana is unlikely to retest lower supports as long as current support holds. Meanwhile, if bulls fail to get momentum, the corrective phase may stretch back to the 64.00 levels. Furthermore, Solana has now closed one of the wickless candles and still retains one lower at the 60.70 level, which may still be a major price aim.
