SOL – “Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana’s breakout was labelled a fakeout since it failed to produce any positive follow-through candles and was rejected off the intra-day resistance levels at 36.40. It’s back in an aggressive declining channel and getting close to solid supports at 33.70-32.40. To avoid additional slippage, price must maintain these levels.

On the Upside 35.50 will stand as intraday barrier once more. Following that, the main resistance levels remain at 36.40 and 37.70. These levels have rejected yesterday’s recovery attempt. Unless and until momentum above these levels is restored, the upside is restricted. However, strength over these levels would lead to 39.30, followed by 40.40.

On the Downside price has once again been exposed towards 33.70 and 32.40, respectively. These levels have lately served as strong supports. However if price breaks these levels then it’s likely to extend its fall towards 30.10 followed by 29.20.