12-Hour Analysis:
Big Picture: Despite having a good momentum in yesterday’s session, Solana failed to capitalize on its momentum and had a sudden stop in its momentum as it neared the first important intra-day resistance mark. This has resulted in some profit-taking for the pair, with a likely retest of its key lower supporting levels. If the bulls are to maintain their current momentum, they must hold the range supports.
On the Upside the sessions’ initial resistances continue to be 98.50 and 99.70 levels. Momentum above these levels is essential if bulls are to push once again for the 102 to 103 levels, which earlier stalled bullish momentum. Meanwhile, strength over 103 is favorable towards the bulls.
On the Downside price is re-testing the 93.70 support level and may potentially retest 91.20. These are key supports as they keep price within the current range. Furthermore, 91.20 level is currently protected by the dynamic support level of EMA-100. These supports may prevent price from unveiling any major waves of selling, even if only partially.
