12-Hour Analysis:
Big Picture: Solana attempted to test the falling channel resistance and was met with quick denial. If Solana wants to boost its upside potential, it must break over this channel resistance. To further benefit buyers, Solana needs acceptance above the EMA-100 level. Strength over this level may allow for a re-test of 34.40 levels, followed by 37.40 levels.
On the Upside the trendline resistance has once again restricted the potential gains. It is presently present at the level of 30.80. A break above this level might propel Solana to the next upward target of 31.60, followed by 33.40, where the 12-hourly EMA-100 can be seen. Momentum persistence above this EMA would be a fantastic accomplishment for the bulls, allowing them to push for higher peaks.
On the Downside price is testing the stronger intraday supports of 29.98-28.90 once again. To keep the upside potential alive, Solana must hold onto these support levels. Breaking through these supports will add to the downside pressure, perhaps increasing the likelihood of a running down the June lows.
