12-Hour Analysis:
Big Picture: Solana has returned to intraday support levels. It is presently maintaining its support levels. If Solana can hold this level and bounce back to the upside, this may be a double-bottom formation. Selling pressure has intensified by some margins in recent sessions, keeping the price under steady pressure. To offset this pressure break above the falling channel remains necessary.
On the Upside there are significant resistances between 29.90 and 30.30. This might be a difficult level for the bulls at this time. Price has to break out of this range in order to continue rising towards 31.60 and 32.90. This is where we can see the EMA-100, which is a major resistance that has to be flipped.
On the Downside the intra-day support region’s bottom support band is being tested once more. Price has fallen below this level, but has yet to close any candle body below the support. This demonstrates that the support is still effective and stable. Solana should preferably avoid violating this support zone; else, the chance of hitting June’s lows grows dramatically.
