4-Hour Analysis:
Big Picture: Solana has prompted a round of profit-taking after reaching the mid-level. Profit-taking has pushed it back to the supports, and the price is now showing signs of uncertainty and choppiness. Solana is now caught between the 50-day moving average on the upside and the 100-day moving average on the downside. Both of these levels have kept prices within a limited range.
On the Upside the EMA-50 at 43.75 provides first resistance. Following that the next levels of resistance is seen at 44.40, followed by 45.20 and 46, respectively. Solana has to retake 47.85 in order to continue on the uptrend. Successfully reclaiming this level would extend the upside towards 52, followed by 54.35.
On the Downside the EMA-100 at 42.65 is providing first support. There is considerable support below that at 42.20-41.10. As long as these levels hold, the downside is safe. However, losing these supports immediately exposes it to the channeling support, which is an equally important support level because it safeguards Solana’s upward trend.
