12-Hour Analysis:
Big Picture: Since mid-February, Solana has been under persistent pressure. Sellers have controlled six of the past seven trading days. The Relative Strength Index confirms this decline in momentum. Solana has failed to break above the 70 threshold on the RSI since late December 2023. To initiate another major bullish reversal, the bulls must break through crucial resistance and breakout levels.
On the Upside once again, intra-day resistances have been added to the session. The immediate resistance level has been set at 104, followed by 105.50. Above these levels, the next resistance levels are 107.50 and 108.20. These were formerly support levels that have now been converted to resistances. To improve the conditions, the price must retake the 108.20 level, which is the bar minimum.
On the Downside prices are once again under constant pressure. Furthermore, if sellers are unable to maintain the breakout supporting zone between 103 to 102 levels, the pressure could escalate significantly. Losing this support initially exposes Solana to the 100 level, followed by 99.50, where the 12-hourly EMA-100 is positioned. Meanwhile, failure to create any strength could result in price sliding back to the 93.70 to 91.20 levels.
