SOL – “Play the Levels”

12-Hour Analysis:

Big Picture: Over the weekend, there was a decent rise towards higher levels. Buyers have been more aggressive in recent trading sessions. This strength must now gain acceptance over 34.60 in order to maintain the positive trend. However, a true change of events might be observed once Solana gains momentum over 37.40.

The Upside Solana broke beyond the 32.60 barrier and went on to tag 34.60. However, it was met with a quick rejection of 34.60, forcing intra-day profit-taking. Solana has early resistance at 33.30, while the session’s significant obstacle is indicated at 34.60. Acceptance over 34.60 would trigger a re-test of the 37.40 threshold. Solana must stronghold above 37.40 to trigger an expansion phase.

On the Downside Solana is gaining first support at the 32.20 level. Below this, it has support at 30.50, followed by 29.98-28.90. These supports are in high demand and are unlikely to be breached easily. If they do, Solana will very certainly sweep June’s Lows.