SOL-“Momentum Needs to Pick-Up”

12-Hour Analysis:

Big Picture: After breaking above its December 2023 highs, Solana has maintained the breakthrough levels. This is an encouraging sign for bulls, and a sustained hold above this range will put bulls in a better position to achieve higher peaks. However, breaking over the RSI resistance zone would be critical in moving Solana from bullish to strongly bullish conditions.

On the Upside price is pushing back against the 132.30 resistance level. This barrier has caused some short-term pushback for the bulls, but once overcome, a greater momentum could come about, initially towards 135.80 level, followed by 139.90, and eventually into the 144.95 levels.

On the Downside a couple of lower time frame supports have held up nicely. However, the support from 126.40 and 124.30 proved to be the most important. These are macro-range level supports; meanwhile within the lower time frame, there are a couple of additional supports at 128.60 and 127.25 levels. Meanwhile, these lower-time frame supports are able to bear minor selling’s, but the macro-range supports must hold to preserve bulls in a potentially hyper bullish position.