2-Hour Analysis:
Big Picture: To have any chance of moving higher, Solana needed to break the 2-hourly EMA-200. It failed to achieve that condition, resulting in a push deeper into the support region. The initial reaction is still positive, but the current environment makes it difficult for swing traders to operate freely. Traders are advised to opt for quick scalping until price action conditions improve.
On the Upside several new resistances have been added to the list. The first level of resistance is at 12.30, followed by 12.40. This level also contains the previously broken trendline, making it a much more difficult region. Above these, the next level of resistance is at 13.70. Both of these are strong intra-day levels for Solana that will require a lot of momentum to break through. The key resistances, however, are now at 13.95 to 14.05 levels. The EMA-200 is now also present in this region.
On the Downside Solana was previously exposed to lower supports after losing 13.40. The price was rescued by the supports between 13.00 and 12.75. Solana received a positive reaction after testing these supports, and the price is currently being pushed back higher by intraday demand. These supports are expected to hold for the day, but in the event of a breach, Solana could fall as low as 12.40 for the session.
