SOL – “Play the Levels”

12-Hour Analysis:

Big Picture: Following the FOMC event, the market experienced a volatile session. Solana again re-tested the lower support levels and saw another powerful bounce. This suggests that buyers want to position themselves at lower levels. Furthermore, if Solana is to climb higher, this interest must gain momentum. A stronghold over 33.30 may pave the way for such an environment.

On the Upside the first barrier of 32.60 remains in place. This level has continued to limit the upside possibilities. The next two resistance levels above this are at 33.30 and 34.50. To hit higher goals, Solana must break through these levels, which have made it difficult for price to create any positive momentum.

On the Downside the previously mentioned support levels are still quite active. Between 30.50 and 28.90, there are several intra-day and major supports. This region is projected to hold fairly well and is not expected to be easily broken. However, if these supports are breached, Solana will sweep the June low of 26.05.