4-Hour Analysis:
Big Picture: Solana held the 42.30 zone which resulted in a strong uptrend in which the price moved on to target the crucial mid-level before triggering profit-taking. Solana has accomplished multiple objectives on this upside, and in order to compel any further continuation, it must retain above the 47.85 zone. Getting above this zone unlocks the next range, which is between 47.85 and 61.30. Getting below the 42.30 support level, on the other hand, will trigger a re-test of the ascending channel supports.
On the Upside Solana sees 44.40 as the initial resistance level, followed by 45.20 and 46, respectively. It went on to hit the 47.85 mark on the weekend advance, but experienced significant profit-taking. Solana must retake the 47.85 level before it can continue to rise further. Reclaiming that level successfully will lead to 52 initially followed by 54.20.
On the Downside there is significant support at 42.20-41.10. Price increases are anticipated as long as Sol maintains these levels. However, losing these supports exposes it to the channeling support, which is an equally significant support level since it protects Solana’s ascending trend.
