3-Hour Analysis:
Big Picture: Solana has fallen behind for the past few days, but bulls are gradually returning to crucial breakthrough levels. Bulls must achieve back-to-back daily closings above 118 to trigger a pattern breakout. The ongoing consolidation would imply a re-accumulation phase.
On the Upside Solana is tapping the resistance level of 110.80. Strength above this level will allow the bulls to gradually push towards 112.80 and then towards 114.95 levels. Meanwhile above this level there remains the key congestion zone which is also the breakout levels. This zone is positioned between 116.80 to 118.00 levels.
On the Downside Price tested the support levels of 106.80 to 106. A strong reaction has been witnessed from this range which is once again pushing the price higher and that too with volumes. Bulls must maintain this range to keep the momentum in bulls favor. This range also held the 3-hourly EMA-50 level which played a positive role in price holding the range.
