12-Hour Analysis:
Big Picture: Solana remained under pressure, but found some relief at June’s lows. These were regarded as strong initial supports with the potential to attract short-coverings. Solana is presently re-testing the lost levels of support. Failure to regain will keep the price under pressure, whilst a stronghold above them will offset the selling pressure and allow for higher re-tests.
On the Upside 28.90-29.98 to establish themselves as the first line of resistance. The first test is now sensing pressure. If price can break over the falling channel barrier, Solana might see some bullish enthusiasm. The channel-based resistance is located at 29.75. This level also corresponds with horizontal levels, therefore a break above it would most likely go to the 30.50-31.20 levels, with space for more upside.
On the Downside the primary supports remain at 27-25.80 levels. Solana can offset any dramatic sell-offs and remain neutral to bearish as long as it holds onto these supports. While losing these supports might result in a significant sell-off until the level is recaptured. The next level of support would be found at 25-24.50.
