4-Hour Analysis:
Big Picture: Sol’s strength remains intact as it hangs onto EMA-50 for another session. However, both sides are presently trapped between important levels. Below are several major supports, and the price above is quite near to the 4-hour EMA-200. To maintain this strong momentum, Sol must overcome the critical hurdle of the EMA-200. If this is accomplished, this momentum will accelerate to the upside. Multiple rejections, on the other hand, could slow down the momentum and open the door to a re-test of lower support levels.
On the Upside initial resistance is now seen at 39.20. Breaking this level will most certainly push the prices towards 40 level initially followed by 41.30. This is where currently 4-hour based EMA-200 is seen. Profit-taking is predicted, at least in part, at this level. A stronghold over EMA-200 would likely extend the upside initially towards 42.20 followed by 44.40 and 47.80. Furthermore RSI is also currently in resistance zone. Since early April RSI has not entered oversold region.
On the Downside 35.70-37.40 will act as initial support for Solana. Following that we have EMA-50 as next support level. The next level of support below this is 33, followed by 31. These are solid support levels for Sol, and they should keep the downside at bay. In the worst-case situation, a re-test of 27.50 is possible. This level, however, shall not be lost on daily closing.
