SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Another session of heavy price activity occurred in Solana. Price and indicators are beginning to rollover for a further dive back before any momentum continuation. A few hints that price may experience lower re-tests; however, in order to counteract such developments and re-establish objectives towards the daily EMA-200 level, price should preferably retake control above the 4-hourly EMA-50 and begin to demonstrate strength above the 26.60 level.

On the Upside Solana is struggling with the top resistance band. The price increases have been forcefully blocked by the 24.90 barrier. The next level of resistance is at 26.60. The previous test on 26.60 elicited an intense reaction. Solana must clear the 26.60 level in order to go higher and finally hit the daily EMA-200 level of 30.60.

On the Downside Solana broke the EMA-50 support level for the first time in this entire surge. Previously, this support level defended against any significant profit-taking. Solana, on the other hand, now remains vulnerable to the 20.80 support level, followed by the 19.80 levels. These levels will provide sufficient support for Solana once more. However, if this profit-taking situation continues, the major supports of 18.20 to 18.00 levels might be targeted.