SOL-“Short-Term Plays Likely”

8-Hour Analysis:

Big Picture: Solana has experienced some intraday selling pressure after hitting higher resistances. If the bulls had been able to break through the upper congestion levels, they may have switched the trend back into an aggressive bullish domain. However, after reclaiming the previous range, Solana is now again within a consolidation range of 117 to 91.22 levels.

On the Upside some partial resistance is developing at the 97.90 level, followed by 99.60. Meanwhile, above these resistance levels, the next resistance levels range from 102 to 103. These will once again be critical resistances to overcome in order for Solana to maintain good intra-day momentum. However, Solana’s momentum is expected to revert to extremely bullish as price begins to maintain over 105.50 to 107.50 levels. Unless that happens, all intra-day strengths will see some profit-taking.

On the Downside as indicated in yesterday’s session, Solana returned to the region of significant supports between 93.70 to 91.20 levels. This will be a significant retest level for the bulls. If bulls want to see any additional upward movement, the price must hold this range, as losing this range will derail the momentum and lead the downside back to 87.50 and potentially 85.00 levels.