12-Hour Analysis:
Big Picture: Solana is re-testing lower support levels after triggering the massive phase of short-coverings. It has now taken support off these levels once more, but this support requires the re-emergence of buyers to pull prices higher and develop momentum. Additionally, a break above the falling channel resistance can offer a short-term bullish confirmation. Unless and until this occurs, the general circumstances will remain choppy and unsuitable for trading.
On the Upside the trendline resistance has now been moved to 31.40 levels. Breakout over this level can propel Solana swiftly to the next upside target at 33.40, where the 12-hourly EMA-100 is visible. Momentum buildup over this EMA would be a compelling accomplishment for the bulls, allowing them to push for greater levels.
On the Downside 29.98-28.90 continue to give assistance. Over the weekend, these levels held rather well. Solana breaking through the trendline resistance would reaffirm these levels as strong supports. Although it is unlikely for the session, but if these supports are once again overwhelmed, Solana will most likely aim for the June lows.
