12-Hour Analysis:
Big Picture: Solana was originally under intense pressure, but the bulls returned strong in the second part of the session. To complete the partial downside, bulls must either print a good follow-up daily candle or re-test the lower levels and bounce off strongly. Doing so would once again open Solana back towards higher levels.
On the Upside the falling channel resistance around 32.30 provides initial resistance, followed by the 8-Hourly EMA-100. Solana has to get back above these levels before initiating any further aggressive short-coverings. Failure to do so would keep the pressure on and limit the upside at the stated levels.
On the Downside 30.50 will be used as the day’s first support once more. Following this, 29.98-28.90 have resurfaced as important support levels for the session. These are still critical supports that must be kept in order to avert a further severe sell-off.
