SOL – “Further Strength Required”

12-Hour Analysis:

Big Picture: 34.60 proved to be another difficult obstacle for Solana. This level once again prevents price from rising further. Multiple rejections indicate that there is still supply at this level. As a result, if bulls are to breach this level, they must either proceed aggressively or re-test lower support levels to re-energies.

On the Upside the immediate resistance remains at 34.60. Furthermore, many powerful resistances are clashing at the same level. The 34.60-35 level is occupied by the significant EMA, followed by horizontal and trendline resistance. A break above these will be a significant milestone for the price. This will not be an easy level to conquer, but if Solana succeeds, it will most likely go on to 36.20, followed by 37.40.

On the Downside the closest support levels remain at 32.60 and 32.20. These levels continue to provide dependable intra-day support. The next key levels below these supports, however, are at 30.50, followed by the 29.98-28.90 range. These are exceptionally strong supports that will be tough to penetrate. If they do, Solana will very certainly sweep June’s Lows.