SOL – “Room for Further Upside”

12-Hour Analysis:

Big Picture: Solana successfully restored its previous levels of support. This reclamation sparked another wave of short-coverings. In addition, by regaining this level, Solana has printed a deviation below a critical level. Holding onto these supports on re-tests will now act as confirmation and will most likely open the door to further upsides. Moving below these supports, on the other hand, would be a bad signal for buyers.

On the Upside Solana has broken through a couple key resistances and is presently challenging the EMA-100 level. This is a powerful EMA that has not been properly recovered since mid-August. If Solana gains acceptability over this level, it would most likely aim for further upsides initially towards 34.40, followed by 35.20 and eventually towards 37.40.

On the Downside the supports at 29.98-28.90 have been restored. Price has captured a significant amount of liquidity below these levels, and these supports must hold if price is to remain short-term positive. If this level is violated, Solana is expected to return to 27.90, followed by 27-25.80 levels.