SOL-“Inverse Head & Shoulder; Prominent”

12-Hour Analysis:

Big Picture: Bulls anticipate a strong trending move higher towards the recent highs, potentially for fresh 52-weeks highs. However, despite this momentum, the congestion zone remains to be the most significant challenge. This zone is anticipated to face a significant challenge from the bulls in the next hours, and if a bullish breakthrough above the congestion zone occurs, bulls will once again dominate the trend.

On the Upside Solana has overturned a major resistance level and is now well-positioned to challenge levels of 105.50 and 107.50. This is the congested zone that must be breached for a significant upward growth. This zone has been the main barrier for the past 35 sessions. A breach over here immediately takes price towards 110.20, followed by 118 and 122 as the next key upside targets.

On the Downside The levels 103-102 have been restructured as primary support levels. Previously, the price failed to turn these levels into supports, resulting in yet another significant drop. However, bulls need to hold this to avoid any similar outcome. Holding it favors bulls, but losing it might undermine bullish dominance once again. Below these levels, the next supports for Solana are 99.80 and 98.50.