4-Hour Analysis:
Big Picture: Solana continues to see volatility while trend remains indecisive. Furthermore, it has violated the trendline support and is currently attempting to reclaim this level. If the trendline is successfully reclaimed, there will be opportunity for further gains; but, failure to reclaim the level will expose Sol to intra-day supports once more. Volatility is expected to continue throughout the day.
On the Upside Sol is having initial difficulties at 34.20-34.50. For the past few hours, this level has been resisting higher movement. Price would need to break through this level of resistance in order to go higher towards the next phases of resistance, which are indicated around 35.20 and 36.60. These levels are anticipated to provide strong intra-day price resistance. Breaking which leads to 37.40, followed by the 4-hourly EMA-200. Bulls must maintain these levels and break over 38.30 to open the door to more upside into 41, followed by 42.50.
On the Downside the level at 32.40 halted the sell-off and triggered an intra-day turnaround. This level provides initial support for the day. However, if Solana loses this, it would be exposed to 31.80, followed by 31.10. This is a critical level of support for the price to maintain in order to avoid additional aggressive sell-offs.
