2-Hour Analysis:
Big Picture: The double Hammer formation, in combination with the double bottom formation, generated a power reaction that lifted Solana beyond the channel resistance and successfully challenged the 2-hourly EMA-200. Solana is now working to get acceptability over the EMA-200 threshold. If this occurs, the upside is expected to rise even further to higher levels. Profit-taking on strength, on the other hand, would be a good strategy going ahead.
On the Upside Solana is now striving to break through the 13.95 to 14.05 barrier. This level contains horizontal as well as dynamic resistances. Solana’s strength over this level can take it towards 14.40, then 14.95 to 15.25 levels. Profit-taking is predicted to be rampant in this region.
On the Downside the re-emergence of trendline supports. Initial supports are now back in the 13.60-13.50 range. Below this the 13.40 to 13.30 levels will serve as double bottom re-test supports. The session’s major supports stay firm between 12.95 to 12.75.
