8-Hour Analysis:
Big Picture: Solana, after breaking above the breakout zone, unveiled an impressive bullish breakout. The breakout had witnessed tremendous volume flows, which reached several weeks’ highs once more. The intensity of the breakout further confirms the pattern’s credibility. Over the next several days, Solana is expected to achieve much higher levels.
On the Upside Price is on the verge of breaking over the 132.30 resistance level. Volumes are currently solid, which will keep the bullish trend intact and strengthen the position. Acceptance above 132.30 would allow the upside to head next towards 139.90, followed by 144.95 levels. For the first time in 65 days, the RSI number has risen over 70.
On the Downside Solana provides sufficient protection from 129 to 125 levels. This level has the potential to become a major demand zone. Aside from that, there are many intra-day horizontal supports between this range, which will contribute to the current supporting strength. Bulls, on the other hand, must maintain this zone strong in order to keep the price within a bullish breakout range. As dropping below this level might hinder the bullish momentum.
