SOL – “Further Strength Required”

12-Hour Analysis:

Big Picture: For the previous several sessions, Solana has been consistently challenging its critical resistance level. However, it has yet to achieve success. Furthermore, in order to modify the situation and broaden the trading range, Solana must break through this zone; otherwise, a stronger corrective phase might overtake current strength.

On the Upside price is once again probing the resistance range of 33.60-35.00. This band includes several distinct factors that have made it difficult for price to acquire momentum. This is still a major resistance level, and unless Solana smashes it, the upside will be restricted. However, breaching this might accelerate a move into the 37.40 level.

On the Downside the initial levels of support are 32.20, followed by 31.80. These levels will continue to provide as strong intraday supports. Solana, on the other hand, has to breach the 35.00 level to avoid any pressure buildup. However, if further rejections are observed, Solana may position itself to re-test even lower supports in order to re-energies. Those supports are initially observed at 30.50, followed by 29.98-28.90.