12-Hour Analysis:
Big Picture: Solana remained actively volatile following its first breakthrough, but an imminent re-test occurred, which had the potential to turn into a massive retest. Price has responded aggressively to the pattern breakout and is currently climbing towards the higher levels observed late last year. Solana was able to generate significant volumes on a re-test, confirming solid bullish strength.
On the Upside Solana is currently headed for the 115.35 level. Meanwhile, given the present momentum, the price might very well break through this level and continue higher towards 118 and 122 as the next upside targets. However, the pattern objective implies Solana could aim for the recent highs of 126.40. This is where some profit-taking could occur even if partially.
On the Downside Price successfully transformed 105.50 to 102 levels in a major support. These levels are presently the major supporting thresholds for Solana. However, for the session, 111.50 and 110.80 are the opening supports levels. These levels have the potential to spark considerable dip buyers interest.
