1-Day Analysis:
Big Picture: Solana was able to acquire some momentum, but it lacked the bullish continuation that may have been expected given the bull’s domination over the previous few days. However, as of today, Solana remains actively volatile, making it difficult for both sides to get aggressive.
On the Upside If bulls are able to trigger an enormous response from the breakout retest, price may resume its strong upward trend. If this retest is successful, Solana is likely to rebound fast towards the 110.20 level before resuming strong bullish momentum into 118 and 122 levels, and potentially towards the much higher resistances.
On the Downside Price is about to retest the neckline of the previous breakout pattern. This neckline is positioned between 103 to 102 levels. Furthermore, these were major S/R levels over the previous few weeks, and maintaining them is critical for the price to prevent any selling buildups, as falling below 102 might re-expose Solana to 99.70 and 97.50 levels.
