SOL-“Double Hammer Emerging”

2-Hour Analysis:

Big Picture: Solana challenged intraday support levels again and rebounded strongly for the second time. However, this is creating a potential double bottom formation on Solana. To confirm this pattern, Solana must rise and hold over the 13.45 level, and reclaiming the previously lost channel support would be icing on the cake.

On the Upside 13.30 is the initial level of resistance, followed by 13.45. If Solana is able to recoup and build strength above this level, it has a good possibility of retesting the previously lost channel resistance at 13.55. This will be a significant level to regain, and strength above it will move prices higher into 13.70, followed by 13.95 to 14.05 range levels.

On the Downside from 12.95 to 12.75, Solana continues to receive massive support. Price has taken a sharp reaction to these levels twice, forming double hammer patterns on the daily time-frame. As soon as Solana tests the lower supports, decent demand pulls in. These supports are expected to hold for the session, but if there is a panic sell-off, 12.40 should limit it.