Big Picture: The stretched corrective phase has provided the indicators with sufficient time to cooling off. Despite the continuous pullback, the price has held the important support levels. Solana is expected to experience further volatility in the upcoming days as bulls try to restore momentum and bears aim to extend the corrective trend.
On the Upside on the higher levels, price is still facing several obstacles. As the price broke through 102.50, it came up with immediate resistance at the 106.20 level. Furthermore, the rejections are forming bearish patterns, indicating that bulls are now on the sidelines and cooling off. However, some consolidation on the lower levels might shift the view back in favor of bulls or by strength over 118.
On theDownside price is currently altering around $100 mark. However, the bottom support level of 98.50 has held very well up to this point. If sellers must continue the downside down into lower levels of 92.50 and 90.80, they must break price below this support. Furthermore, if the bulls are unable to regain power above 118, price may attempt to fill the lower long wick.