SOL-“Bullish; But Short of Hyper Aggression”

12-Hour Analysis:

Big Picture: Solana continues to climb higher, setting a new 52-week high after reaching 155 level. Despite the current strength, Solana has not broken above its 70 RSI level since December 2023. If bulls advance aggressively, the price could experience significant upward growth in the coming weeks, with an objective reaching the 2021 highs.

On the Upside Solana moved farther into the resistance zone that exists between levels 153 to 158. The intra-day barrier of 154.80 restricted Solana’s upward movement. Solana could acquire significant momentum if it rises above 158 in a strong manner. This could open up a wide range of higher values for Solana, starting with 163 and continuing towards 175 and 188. 

On the Downside Solana has a breakthrough support around 149.80 and 149.20 levels. On lower timeframes, there is a bullish flag formation that will stay valid as long as the 149.20 level is held. Solana’s momentum could halt again if it is pulled below 149.20, with a slide down towards 144 to 140 levels.