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In the last quarter of 2023, the most prominent altcoin project that emerged during the rally in the crypto market was undoubtedly Solana. The popular Layer-1 network Solana saw a significant contribution from airdrop events and the hype around memecoin tokens. However, the recent increase in scam incidents within the ecosystem has caused fear and concern among users, which directly affected the price of SOL.
Solana Technical Analysis
The first notable pattern structure in the four-hour Solana chart is the descending channel formation. This pattern structure provides important clues to many investors, and the absence of any support or resistance breakout is of great significance. Particularly, the recent formations taking support from the EMA 200 (red line) level is a positive development in the short term.
The most important support levels to follow on the four-hour chart for Solana are, respectively; $93.29, $90.75, and $87.20. Especially, a four-hour bar closing below the $90.75 level, which intersects with the EMA 200 level, could create selling pressure on the SOL front.
The most important resistance levels to watch on the four-hour chart for Solana are, respectively; $96.33, $100.16, and $104.26. Particularly, a four-hour bar closing above the $104.26 level, which intersects with the formation resistance line, will significantly accelerate the price of SOL.
SOL/ETH Technical Analysis
In the four-hour SOL/ETH chart, the pair has closed the first bar below the support line. This decline, with a close below the EMA 200 level, will lead to Solana losing value against Ethereum. The recent shift of investors towards Ethereum has also contributed to the decline in the SOL/ETH pair.
The most important support levels to follow in the SOL/ETH pair are, respectively; 0.03793, 0.03604, and 0.03424. Especially, a four-hour bar closing below the 0.03793 level, which has been a significant support during the recent drop, will indicate that Solana continues to lose value against Ethereum.
The most important resistance levels to watch in the SOL/ETH pair are, respectively; 0.03974, 0.04131, and 0.04315. Particularly, a four-hour bar closing above the 0.03974 level, which intersects with the EMA 200 level, will indicate that Solana is gaining value against Ethereum.
