SOL-“Base Formation Strengthening”

12-Hour Analysis:

Big Picture: Solana has witnessed a significant reversal in momentum and volumes since confronting rejection on congestion, followed by another knock-back from the intra-day resistance zone. However, volumes are beginning to improve once more on the range support levels. Bulls are once again attempting to form a base structure around the supportive zone in order to bring about the missing momentum needed to push price higher.

On the Upside a partial intra-day resistance has been placed at 96.20, with the next intra-day resistance levels at 98.50 and 99.70. Momentum above these levels is required if bulls are to push again for the 102-103 levels. These resistances previously blocked bullish momentum. Meanwhile, strength above 103 is favorable for the bulls and may bring hyper bulls back on command.

On the Downside support levels persist at 93.70 and 91.20. These are extremely powerful supports, which are further strengthened by the existence of 12-hourly EMA-100. Meanwhile, there is further protection at 94.30, which provides considerable intraday support for Solana. Downside is safeguarded as long as these lower-range supports hold.