SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana has broken through the trendline-based supports, but no significant reaction has been observed. For the time being, price appears to be obeying horizontal levels above trendlines. Even so, breaching the trendline is still not a positive sign. Overall, this requires caution. Unless Solana breaks through the above resistances, it is likely to continue in a choppy trading range with a bias toward re-testing lower supports.

On the Upside Solana has continued to face resistance from the EMA-50 level. This EMA has been extremely responsive to price throughout the previous few sessions. The re-establishment of strength above this EMA will be a bullish sign, perhaps can lead price higher into 24.50, followed by 24.90.

On the Downside price is being held by horizontal supports ranging from 23.05 to 22.95. These are important intra-day support levels that must be held in order for the price to prevent additional declines, since breaching this range can send price down, initially to 22.40 and then towards 21.90.