4-Hour Analysis:
Big Picture: Solana failed to initiate the aggressive move, leaving it under profit-taking pressure once more. However, Sol is now displaying conflicting emotions as it hovers near the 4-hourly EMA-200. Furthermore, it is forming a falling wedge pattern, which could assist bulls, who must retake control above 42.30 to reclaim the lead.
On the Upside initial resistance is seen at 39.10. Following this the next level of resistance is at 41.10 followed by 42.30. Sol needs to reclaim this level and establish stronghold above to once more trigger the aggression. Next we have 45 followed by 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 Solana lost the daily EMA-50 level, resulting in more slippage. However, 37.70 and 37.40 remain to be major support levels. Solana should ideally maintain these levels in order to continue in short-term bullish territory. If these supports are lost, Sol will be back in neutral territory, with the next supports at 33.70-32.40.
