SOL – “Watch-out for Breakout”

4-Hour Analysis:

Big Picture: Surprisingly, Solana has led to another strong rebound. It is seen to be near to the critical resistance area yet again. This level has been causing issues for the bulls, so care is advised here; unless this level is broken, the upside is limited. If Solana fails to breach this again, it will most likely be range bounded between 33.70-30.10.

On the Upside at 33.20, the 4-hourly EMA-100 is proving to be the initial resistance level. Following this, Solana faces significant resistance at 33.70. This level must be broken in order to open the door to further upside. Successfully breaking this would take price towards 35.20, then 37.40.

The Downside 32.30 is establishing itself as the first level of support. The next supports are at 31.30 to 30.50. These are good intraday support levels, although Sol has stronger supports at 29.95-29.30. Solana holding onto these levels would be important to keep it away from any panic sell-off.