SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana’s intraday profit-taking persisted. It is currently getting near to some significant support levels, which will need a reaction. Solana has remained in a steady corrective channel and since then it has not provoked any hyper moves. The relative strength index reflects this, with the index failing to stay above the 70 level. To keep the corrective trend going, Solana must take support from the EMA-200 or channel-based support, as losing these levels could expose it to the recent lows.

On the Upside 41.10-42.30 are once again functioning as intra-day resistance levels. Following this the next resistances are evident at 44.20 followed by 45.20 and 47.85.

On the Downside at 39.80, Solana is testing the EMA-200 threshold. On its first contact, the level provided assistance. However, over the past several weeks, this level has been unable to produce strong conviction. As a result, while this level still provides assistance, it is not particularly dependable. Solana has solid supports around 37.70, with trendline support at 36.60 following.