2-Hour Analysis:
Big Picture: Solana developed a double bottom pattern, which resulted to a price increase driven mostly by aggressive short-covering. Solana was regularly experiencing buying activity when the price fell below the intraday supports. Furthermore, the recent surge has produced a double top formation as well. The current price action indicates that the participants are developing an overall range, and a breakout of any of these ranges will result in the next impulsive move.
On the Upside price again re-tested the 22.15 level, but is confronting with resistance at these levels due to the presence of dynamic and trendline-based resistance. Multiple resistance levels can be found between 22.15 and 22.50. Bulls will face challenges in breaking above this zone, but if they do, a rapid push into 23.50 followed by 24.26 is not out of the question.
On the Downside price again re-tested the 22.15 level, but is confronting with resistance at these levels due to the presence of dynamic and trendline-based resistance. Multiple resistance levels can be found between 22.15 and 22.50. Bulls will face challenges in breaking above this zone, but if they do, a rapid push into 23.50 followed by 24.26 is not out of the question.
