SOL – “Further Strength Required”

12-Hour Analysis:

Big Picture: Solana is attempting to break above the 34.60 barrier once again. No 12-hourly candle has been able to close above this level in the past 13 trading sessions. This level is proving to be a significant challenge for Solana. To gain that medium-term bullish momentum, price must breach both 34.60 and 37.40.

On the Upside Solana continues to face severe horizontal resistance from the 34.60 level. This level will also shortly coincide with the falling channel resistance, making it much more significant. This is a must-break level if the price is to continue rising. Unless and until Solana exceeds these levels, the upside is restricted. Surpassing these thresholds, however, will take Solana to 35.80 next, followed by 37.40.

On the Downside the 32.60 level provides immediate support, followed by 32.20. These are reasonable intra-day supports. However, the next significant levels below these supports are at 30.50, followed by the 29.98-28.90 zone. These supports are extremely strong and will be difficult to breach. If they do, Solana will very certainly sweep June’s Lows.