SOL – “Short-Coverings Advised”

12-Hour Analysis:

Big Picture: Solana is almost back to the lower support zone. This region has functioned as a very strong price protection zone. Sellers have been unable to breach below this support level since late June. This region should see aggressive short-coverings. Furthermore, fresh buying may be witnessed if prices begins to honor these supports once more.

The Upside remains the same with initial resistance at 32, followed by 32.40. Above this level, heavy selling pressure could be seen between 32.85 and 33.20. Solana will experience stiffness near these levels. It is projected to be under selling pressure as long as it continues below the 12-hourly EMA-100. Although acceptance over this EMA would be a significant success for bulls.

On the Downside price has begun to respond favorably to the lower support band. This support zone is positioned between 31.90 and 28.90 levels. Furthermore, there are several other supports between this region, which contributes to its strength. Holding onto these supports would keep Solana out of any severe sell-offs. As losing these supports could be a huge setback, with sellers aiming for June’s lows.