4-Hour Analysis:
Big Picture: As the range narrowed, an impulsive move became more and more anticipated. Price movement over the weekend saw a range widening to the upside. Solana, on the other hand, has had a quick rejection from the 26.60 level. A probable double top pattern has emerged, but confirmation is still pending. However, such patterns in a range-bound environment may provide misleading signals as well, therefore range levels are more important for the time being.
On the Upside the 26.60 resistance level strongly rejected Solana. This is another important resistance level for Solana, and breaching it is required for the price to continue its bullish ascent. If buyers manage to build a foothold above this resistance, another move towards 27.30, followed by 28.50 and 29.80, remains in the cards.
On the Downside the 4-hourly EMA-50 continues to be a pricing driver. Solana has been mindful of the EMA’s backing in recent weeks. The trendline and EMA-50 between 24.15 and 23.80 are now acting as primary support levels. Both of these support levels will be crucial in avoiding the price from sliding further. In the case of a panic sell-off, Solana could fall to lower support levels ranging from 23.05 to 22.95, followed by the 21.90 level.
