12-Hour Analysis:
Big Picture: Solana hit the intraday resistance level and immediately saw profit-taking materialize. This level was identified as a potential slowdown area. Price could range between 34.60 and 31.30 in the coming sessions. To expand the range of the current momentum, Solana should ideally break and hold above 34.60.
The Upside remains same with initial resistance at 34.40-34.60 levels. This region has long been a source of opposition. Price has been unable to break above this level for the past 46 trading sessions. This demonstrates how strong the resistance level mentioned above is. The buyers will face a significant challenge here. Above this level, the next resistance levels are at 35.20 and 37.40.
On the Downside the price is still respecting the EMA-100 level. Price also took support from this level yesterday. Below this the next intra-day support levels have been established at 32.05-31.30. This region may well be able to withstand initial selling pressures. Expect solid protection at these levels, but if they are breached, the price will fall back towards 29.98-28.90 levels.
