2-Hour Analysis:
Big Picture: Solana swinging between the 2-hourly resistance level above and support zones below. This range has been running for 6 sessions and could possibly represent a re-accumulation or a partial-distribution phase. Furthermore, as long as Solana maintains the 15.50 level, the AB=CD pattern will be valid and likely.
On the Upside if Solana breaks the trendline resistance at 17.00, a new wave of momentum may arise. Furthermore, this strength could assist in breaking beyond the 2-hourly resistance zone as well. Should the bulls pull this off, Solana is projected to surge towards the higher-time frame resistances between 18.80 and 19.20 level.
On the Downside Solana fell down towards the 16.20 to 16.05 support levels after breaching the short-term triangle pattern, where price gained support once again. This is the second time price has taken excellent support off-this supporting zone since attaining these levels. This area also almost corresponds to the 50% Fibonacci retracement levels. However, if this regions fails in holding, Solana would go towards the 15.50 level, which is the 61.8% Fibonacci retracement.
