4-Hour Analysis:
Big Picture: Solana suffered heavy profit-taking, but the action was brief, and buyers retreated when price challenged the daily EMA-50 support level. If Solana can continue to take the EMA’s support and push a break through over 47.85, sentiment would change strongly in favor of bulls, who would then aim towards 58.95-61.30 levels.
On the Upside initial resistance for the day is seen at 44.30 followed by major resistance level at 47.40-47.85. This level still remains to be the transition level between the next wave of upside. A successful recapture over 47.85 is projected to open the next range between 47.85 and 61.20.
On the Downside around 41.60 is the daily EMA-50 support level. This will be an important level for price to keep on daily closing. Furthermore, supports around 40.40 and 39.80 performed well and are expected to continue as the next reasonable support levels. However, significant supports for Solana are identified between 37.70 and 37.40.
