12-Hour Analysis:
Big Picture: Solana failed to maintain intra-day support levels and is now falling lower. The next supports are the June lows, which are set to be challenged for the first time in almost four months. Short-coverings should be aggressive, and fresh intra-day buying should not be ruled out. Traders are advised to exercise risk management.
On the Upside multiple fresh resistances have arisen, first at 28.90 and then at 29.98. These were recent strong support levels that held for more than 100 trading sessions. Solana will be able to retest these levels within the next hours. Reclaiming them can push prices back up to higher levels, whilst rejection off these levels would restrict the gains and signal another wave of selling.
On the Downside the important intra-day supports have been shattered, and Solana is now approaching lower support levels. The following levels of support are identified at 27-25.80. These are the lows from June. They are crucial because holding them would trigger a short squeeze, whilst losing them would trigger another round of selling, aiming for 25-24.50 next.
