12-Hour Analysis:
Big Picture: The previous attempt to break over the 34.60 mark ended in yet another rejection. Solana has reverted to lower supports as of now. It has been rejected several times at the 34.60 level in recent trading sessions. Price will continue to experience challenges above 34.60 unless a clean break above this level is achieved. Solana should ideally re-test lower supports and attempt another challenge before persistent tests. As further failures would lead to exhaustion.
On the Upside the resistance band has now expanded from 33.60 to 35.00 levels. The falling channel resistance is now around 33.60, with the MA-100 at 34.10. The horizontal barrier at 34.60-35.00 levels comes next. Since August 19th, these resistances have been limiting the upward potential. It will be a difficult struggle for the bulls to win, but reclaiming stronghold above these levels will be a huge step forward for Solana.
The Downside the initial support level of 32.20 is still active. Following this, a new support level of 31.80 has been developed. These supports will offer sufficient intra-day assistance. Any back-to-back closes below these supports, however, would extend the downside to 30.50, followed by 29.90-28.90 range levels.
