4-Hour Analysis:
Big Picture: Solana has been moving in a sideways trend for the last couple of hours, just beneath the intraday resistances, after taking an extensive reaction from the lower supports. Solana’s higher-time-frame structure continues to indicate an ascending triangle pattern, while a bullish flag formation is emerging on lower-time frames. If bulls can sustain their strength and lead to another round of aggressiveness, price is expected to rise in the next hours.
On the Upside resistance levels of 60.90 and 61.90 are still effective. Price is now maintaining slightly below these levels, and if bulls can maintain their momentum, the resistance levels are unlikely to hold for long and may soon give way to the 63.95 level. Meanwhile, a break over 63.95 is expected to get bulls back on the offensive, with the first target being 65.20, followed by recent highs.
On the Downside Solana has received a lot of support, ranging from 59.50 to 59.15. Despite the pressure from the above resistances, Solana has found some pretty solid support at this freshly reclaimed level. Despite several attempts, the price has already held and continues to hold. Any additional drop is unlikely as long as this support area between 59.50 to 59. 15 holds. Meanwhile, if sellers are able to overcome these levels, the drop would continue towards 58.20 and 57.60.
