SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana initially lost hold of the EMA-50 support level, but rapidly regained it. This has resulted in yet another price increase. However, the advance is once again hampered by resistance levels above. Solana is currently moving in an ascending channel formation.

On the Upside the 24.90 resistance level continues to be a powerful barrier for Solana. For the previous few sessions, this barrier has been holding back the bullish continuation. Unless there is a strong display of strength above this level, the upside remains limited. However, not just this Solana also confronts a similar type of resistance above this level at 26.60. Both these levels have been making it difficult for price with its momentum.

On the Downside Solana initially lost the EMA-50 support level, but eventually regained it, resulting in another surge higher. EMA-50 has re-established itself as the initial support level. Below this support, the next supports are at 20.80 level, followed by the 19.80 level. Expecting fresh-buying to commence on these levels of supports.