12-Hour Analysis:
Big Picture: Another session, another disappointment. Solana continues to consolidate beneath the significant resistance level of 34.60. It has continued to test this area but has had no results. Sellers have done an excellent job of protecting this level this far, and now must break price below the ascending trendline to reclaim control. Failure to do so would eventually overwhelm the supply, allowing bulls to burst through this barrier.
On the Upside Solana’s resistance levels are still intact around 34.60-35.00. Resistances of various types have made it difficult for price to break. Unless and until the price rises and holds over 35.00, the upside is restricted at this point. Breaking through here, on the other hand, will accelerate the move into the 37.40 level.
On the Downside the initial level of support is 32.40. The rising trendline-based support protects this level. The next level of support is at 31.80. Both of these levels are critical intra-day supports. Solana will continue to try 34.60-35.00 levels as long as these supports hold. However, failure to hold these supports could derail the bullish momentum and lead to a re-test of lower support levels around 30.50, followed by 29.98-28.90 levels.
