4-Hour Analysis:
Big Picture: Solana is likely to end the year with a big drop from the All-Time High. The pair has been under strong selling pressure for the previous several sessions. The price has been falling drastically. However, massive short-coverings have been observed on lower time frames from the lower support zones. The previous report anticipated such a move. Price is expected to remain very volatile and choppy throughout the session.
![](https://bkcryptocrusher.com/wp-content/uploads/2022/12/SOL-4H-30th-Dec-1024x501.png)
On the Upside another session with several resistance additions. Solana will now find early resistance near the 9.15 level, followed by the 9.90 zone. Above them, a significant resistance has been established around 10.90-11.10 levels, which have lately been challenged and provided a strong first rejection. This region is expected to be the top for the day, with any intra-day efforts above it being limited.
On the Downside 8.85 might be used as the primary intra-day support level. However, given the present volatility, the major supports are expected to continue between 8.15 and 7.60. Traders should avoid putting themselves in no-man’s land. It is preferable to take a wait-and-see approach with aggressive profit-taking.