3-Hour Analysis:
Big Picture: Solana filled the extended wick and went onto form an even lower-time frame double bottom, resulting in a decent bounce back up. However, Solana’s recovery was hindered by the critical dynamic resistance as well as an important intraday obstacle. Solana is currently dominated by a bearish price pattern of lower highs and lower lows, which continues to keep the price under pressure.
On the Upside fresh congestion has been developed between resistance levels 104 to 105. These levels over the weekend, together with the 3-hourly EMA-50, kept price confined towards the upside. There is also a danger that 102 could be converted into a resistance level. However, regaining 104.20 will be vital in reducing selling pressure.
On the Downside the 102 support level has held for several hours, but the price’s inability to break through the above congestion zone is weakening the support level, which may potentially expose Solana back towards the 100.25 and 98.70 support levels. Meanwhile, to counteract this downward pressure, bulls need to first hold the 102.00 support and then seek to break above the congestion zone.
