Solana extended the losses into a major support zone recently as fears of potential US strikes on Iran weighed on the crypto market. Those fears proved to be unfounded, and we’ve started to see risk sentiment improve as oil prices eased.In the bigger picture, nothing has changed, with the Middle East crisis continuing to put upward pressure on inflation while weighing on global growth. The Federal Reserve is also being forced to maintain a tightening bias, while the upcoming US midterm elections add another layer of uncertainty. These headwinds are likely to limit any major rally in Solana.This week, the focus will be on Wednesday’s FOMC decision and further developments in the Middle East.The Fed is widely expected to keep interest rates unchanged, so a surprise rate hike would likely trigger a sharp selloff in Solana. We won’t get the Dot Plot at this meeting, so the attention will be on Fed Chair Warsh. Given his reluctance to provide forward guidance, though, he’s unlikely to say much, but traders will be watching closely for any hawkish surprises. SOLANA TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Solanabounced near the key support around the 97.00 level. We can expect the buyers to continue to step in around the support, with a defined risk below it, to position for a rally into the 148.00 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the major upward trendline next. SOLANA TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a downward trendline defining the bearish structure. If we get a pullback into the trendline, we can expect the sellers to lean on it, with a defined risk above it, to position for a drop back into the 97.00 support. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 113.00 resistance next. SOLANA TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor falling channel defining the current price action. The sellers will likely continue to lean on the upper bound of the channel, with a defined risk above it, to keep targeting new lows. The buyers, on the other hand, will look for a break higher to pile in for a rally into the major downward trendline next. The red lines define the average daily range for today.UPCOMING CATALYSTSTomorrow we get the US Consumer Confidence report. On Wednesday, we have the FOMC rate decision. On Thursday, we get the US GDP report, the US PCE and the latest US Jobless Claims figures. On Friday, we conclude the week with the US Employment Cost Index. This article was written by Giuseppe Dellamotta at investinglive.com.