4-Hour Analysis:
Big Picture: Since the previous session, price has been trapped in a relatively narrow range. It is clinging to the trend by honoring the trending support, but it is also dangerously close to breakdown levels. Solana must maintain this trend in order to continue on its slow rising trajectory, since losing this support could lead to major downside.
On the Upside the initial resistance comes currently in the form of the EMA-200 at 39.80. Following this, the next resistance is seen at 41.10-42.30. To sustain bullish momentum, Solana needs to restore these levels. The upside is likely to be limited until and until these level are reestablished. The next resistance levels, however, are at 44.20, 45.20, and 47.85
On the Downside since yesterday, the secondary trendline has served as a solid support level around 38.45. If this secondary trendline is broken, price will be exposed towards lower support levels at 37.70, followed by 36.30. Solana must hold these levels in order to retake the Mid-Level, since breaching these supports exposes the price to more risk lower.
