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The analysis focuses on Solana (SOL) against the US Dollar (SOLUSDT) using a 4-hour timeframe. The current price is around $66.70, with a target of $70.78. The failure bound is set at $63.05. The chart shows a bearish trend in the short to medium term, with potential for a 5-wave downside movement. The analysis highlights key support levels at $48.78, $31.95, and $17.49. The immediate resistance zone is identified between $70.78 and $72.57, with $70.78 being a key short-term target. The speaker also notes the oversold conditions on the daily RSI and potential bullish divergences on shorter timeframes. A break above the $70.78 resistance could signal a potential reversal or continuation of an uptrend, targeting higher levels like $79.20 (161.8% extension) and $115.00 (261.8% extension). However, failure to break above $89.45 (likely a previous resistance) would confirm the bearish continuation. The analysis suggests that for a bullish scenario to be confirmed, Solana needs to break through several resistance levels, starting with the immediate ones, to invalidate the current bearish outlook.