SOL – “Play the Levels”

12-Hour Analysis:

Big Picture: The supports held up nicely, and a decent reaction is on the way. The initial resistances are being tested, but a break above the falling channel resistance could spark a stronger reaction. The present price movement indicates that Solana is likely to enter a range-bound environment as long as 28.90 holds. The range is most likely to be between 28.90 and 37.40. Moreover, losing 28.90 will eventually result in sweep of June’s lows.

On the Upside currently, 32.60 is serving as a strong intraday barrier. During its initial advance, price has been constrained here. Following that, the next two resistance levels are at 33.30 and 34.50. Since these levels have made it tough for price to create any bullish momentum, Solana must break through them to attain higher goals.

On the Downside 30.50 remains as an immediate support level. Multiple intra-day and significant supports can be located between 30.50 and 28.90. This region is expected to hold quite well. If these supports are violated, Solana will make a clean sweep of the June low of 26.05.