12-Hour Analysis:
Big Picture: Solana has climbed by about 22% in only a few sessions after breaking out from the 153$ barrier. The indicators confirmed the ongoing strength, as it surpassed the 80 threshold after a few months. Going forward, Solana is still in the process of a breakout, which will continue as long as the price remains over $153.
On the Upside the price nearly tapped at 190 before falling lower due to intra-day profit-taking. The volumes have increased dramatically in this candle, indicating some significant profit-taking; yet, the price has maintained reasonably well, implying that the selling is being absorbed by the bulls. Solana will find first resistance once more at 175.50. Following this, there is some minor resistances at 187.20. Meanwhile, the 190 level is breaking, which makes Solana even more bullish on towards 205 and 225.
On the Downside price is using the intra-day levels of 167 and 164 as support. These levels will continue to provide support, yet if the short-term sellers outnumbered the buyers, these supports could give way and expose Solana back into its breakout supports of 158 and 152.80. Bulls would need to hold the 152.80 level to maintain their current momentum and aggressiveness.
