8-Hour Analysis:
Big Picture: Solana confirms a strong retest of the prior range support levels. Furthermore, the previous Evening Star formation is now being countered by the Morning Star Pattern on the daily timeframe, implying that bulls may be looking for a bullish turnaround here while aiming for higher levels and maybe the recent highs as well. However, some volatility should be expected near the breakthrough levels.
On the Upside Solana is back at resistance levels ranging between 102 to 103. Both participants are likely to have a significant struggle here. Meanwhile, if bulls can break over this zone, they are likely to target the resistance levels around 105.50 and 107.50. These above resistance levels will be critical for bulls if price is to be dragged back up towards 118 to 122, and potentially even higher.
On the Downside 99.70 and 97.90 are projected to be converted into support levels. Maintaining these levels maintains the current momentum solid and in good shape. Meanwhile, sellers on the other hand must force the price down below 97.90 in order to observe any momentum slowdown or new selling. Solana, on the contrary, will resist deeper selling rounds as long as the range lows of 93.70 and 91.20 remain in place.
