4-Hour Analysis:
Big Picture: Prices were quite choppy throughout the day and continue to do so. The volatile price behavior is expected to persist as long as Solana stays trapped between the critical EMA levels. Furthermore, the oscillating indicators are rapidly losing momentum, which is a warning indication for probable price movement. Solana must regain its strength in order to counteract any potential downsides.
On the Upside the EMA-50 at 43.70 continues to act as a strong resistance. Following that the next levels of resistance is seen at 44.40, followed by 45.20 and 46, respectively. The upside is restricted until Solana trades over 47.85.
On the Downside the EMA-100 at 42.70 has been guarding against any sell-offs. This level has been standing as a firm support level. Furthermore, there is considerable support below that as well at 42.20-41.10. As long as these levels hold, the downside protected. However, losing these supports immediately exposes price towards the channeling support, which is an equally important support level to keep.
