12-Hour Analysis:
Big Picture: Solana is now trading close below the important levels. Buyers will require additional efforts to overcome this level. This would be the third attempt in around 6 trading sessions. Price should preferably break through this barrier as quickly as possible, otherwise it will cause exhaustion, resulting in a larger wave of profit-taking owing to multiple failures.
On the Upside 34.60 remains the initial and important level to surpass. This level holds high supply for a variety of reasons. The 34.60-35 level is occupied by the key EMA, which is followed by horizontal and trendline resistance. A break above these will be a significant price milestone, assisting substantially in momentum development. Furthermore, Solana’s strength above 37.40 could be a significant turning point.
The Downside multiple supports are being established between 32.60 and 32.20. These supports will offer sufficient intra-day assistance. If successive rejections persist at 34.60, a drop back towards 30.50, followed by 29.98-28.90, cannot be ruled out.
