8-Hour Analysis:
Big Picture: The price has initiated a major cup and handle bullish pattern breakout. The price of Solana has achieved its latest 52-week high, surpassing the previous established high in December 2023. The bulls must now maintain their aggressive momentum in order to achieve higher peaks in the next hours and sessions.
On the Upside breaking over 115 had a bullish influence on the bulls, who thereafter took full advantage of the situation and launched a massive bullish breakout. Price smoothly cleared the 122 and 126.40 hurdles and headed for higher levels. Solana currently has an opening resistance of 130.05, followed by 132.95. Above these rounds of resistance, the next barriers are at 136.25 and 137.80 levels. These are the intra-day resistances around which some little profit-taking may occur.
On the Downside the recently regained levels of 126.40 and 122 will now be converted into support levels. These levels are expected to withstand any intra-day retests. Meanwhile, Solana’s main supports are presently positioned between 116.80 to 115 levels. These are the supports that must be maintained for the pattern to remain valid.
