3-Hour Analysis:
Big Picture: Sellers were able to acquire an early advantage, but they were unable to maintain the selling pressure, and so bulls immediately grabbed over and not only initiating a strong surge but also forced sellers to engage in panic short-covering. Solana has broken its descending channel and may now be looking for a higher time-frame pattern breakout.
On the Upside the moment price broke back over the 104.20 mark it resulted in an enormous rally upward that pushed the price all the way towards 110.20 in a single push. Bulls presently have momentum and could aim for 112.80 next, followed by the 114.95 resistance level. Meanwhile, in order to unleash an aggressive stance, Solana must climb above 118.00 level.
On the Downside several intraday supports have now been established. The major support for the session is around 110.80, with significant support likely between 108.25 to 107.50 levels. These will be the important supports for the day, and if Solana can maintain these levels from the re-tests, expect a significant bullish change to take place. Momentum will only drop if the price falls back below 104.20.
