8-Hour Analysis:
Big Picture: Solana saw a volatile session as it began the day with heavy selling, but as it approached the 200 and 250 important moving averages, the selling became unsustainable. Solana almost pushed for a Dragonfly Doji, indicating the selling competition and exhaustion. The price then moved just above the EMA levels as the opposing force swiftly regained control of the trend and drove in additional short coverings.
On the Upside the session’s initial resistance is at 87.50, while the next level is at 88.70. The next zone of resistance above these levels is between 90.15 and 90.90 levels. This is where it’s possible to see some significant profit-taking once more. Meanwhile, a session closing over 90.90 can bring in panic short coverings as well, if bulls are to push for something surprising.
On the Downside 85.70 is the session’s primary support level. This level can flip into a strong support domain for the pair. Meanwhile below 85.70 the next support is at 83.40 level. This is yet another decent supportive level for Solana. Price is likely to react positively towards both these supports.
