12-Hour Analysis:
Big Picture: Solana remained under pressure throughout the weekend, with prices gradually filling the inefficiency left behind. Price has also broken out of the range, and a possible deviation is presently being evaluated. If Solana can reclaim the previous key support level, the momentum will rapidly change back in favor of bulls. Meanwhile, sellers must maintain prices below the important threshold to keep Solana in a correction phase.
On the Upside there are significant resistances at 91.20 to 93.70 levels. Bulls must not only retrieve these levels, but also create a stronghold above them, in order to restore momentum. Sustaining above 93.70 could soon trigger a bullish move back towards 96.80, followed by 102.10 levels. Meanwhile, over 102.10, the next resistance level is 107.50.
On the Downside the 85.00 level has the most significant support presence. The position has both horizontal support and significant dynamic support. This will be a significant support area for Solana. Any breakdown below this supporting level exposes Solana to levels ranging from 80.00 to 79.80, followed by the 77.50 mark. As a result, the bulls continue to rely heavily on the 85.00 support level.
