SOL-“Congestion Zone; Important”

12-Hour Analysis:

Big Picture: Following the recent push higher, Solana has had some sideways consolidation, which has maintained key supports and may potentially result in another leg higher for the pair. However, the bulls would need to build more momentum. Furthermore, there is a possible inverse head and shoulder pattern on Solana, which requires price confirmation before it can be considered valid. 

On the Upside the session’s initial resistance stays around 99.70. Meanwhile, the major resistances are found at levels 102 to 103, followed by the congestion zone. This congestion zone has been unbroken for over a month. If bulls can achieve sustainable acceptance above it, fresh momentum can be noticed, taking price on towards 110.30 initially, followed by perhaps 118 and 122.

On the Downside the initial support level for the day is 96.85. The next intra-day supports are at 95.70 and 94.70. This support level at 95.70 also includes 12-hourly EMA-50. Having said that, the most important supports for Solana remain stable at 93.70 and 91.20. These are the levels that, if held, might raise short-term upside expectations.