12-Hour Analysis:
Big Picture: Solana continues to test at the 34.60 level, but no breakthrough has been reached. The range is becoming increasingly limited with each session. In addition, a converging triangle lookalike is being formed. The building of pressure in this region would eventually cause Solana to initiate a trending move. The upcoming few sessions could be important for Solana.
The Upside resistance level stays unchanged at 33.60-35.00. This band has a number of diverse characteristics that have made it difficult for price to gain momentum. This is still a significant resistance level, and unless Solana breaks through it, the upside will be limited. However, breaking through here can accelerate a move into the 37.40 level.
On the Downside the initial support levels are 32.20, followed by 31.80. These levels will continue to offer solid intraday support. To avoid any pressure building, Solana must break through the 35.00 barrier. If more rejections are recorded, Solana may position itself to re-test even lower supports in attempt to re-energize. These supports are first seen at 30.50, then at 29.98-28.90.
