8-Hour Analysis:
Big Picture: Solana is finally putting pressure on the major support levels. Although the price has traded below this range several times, it has always been able to retake it within a short amount of time. Bulls would need to retake this level again; else, downward pressure would increase, setting the stage for an additional pullback in Solana.
On the Upside 88.80 and 91.20 are the session’s starting resistance levels. As of now price candle is seeking to create a possible hammer candlestick which would on the short-term neutralize the pressure allow price to go for these primary resistances. However, strength over 93.70 would be required for Solana to return towards the channel resistance at 97 and 98 levels. Only a significant breach above channel resistance could reverse the current decline.
On the Downside the 8-hourly EMA-100 of 93.05 was breached for the first time since October 2023. This indicates that momentum is slowing and that price is actively monitoring profit-taking rounds. Solana’s intra-day supports for the session range from 86 to 85. Meanwhile, below 85, the 8-hourly EMA-200 at 82.25 will provide next support for the bounce.
