SOL-“Short-Term Plays on Cards”

8-Hour Analysis:

Big Picture: Solana has been able to spike to its highest level since early mid-January. However, the area between 105.50 to 107.50 has some congestion, which has led in a decline in momentum, followed by some profit taking. Solana is now destined to re-test lower supports, and if bulls can maintain the levels and reassemble in a stronger manner, price may re-test the upper congestion zone and possibly break it for higher levels.

On the Upside Solana has re-established resistance levels between 102 to 103. Above these levels, the price faces significant resistance in the region of 105.50 to 107.50, which reversed the previous session. These will be the sessions’ primary barriers, and if bulls want to make a complete rebound to the recent highs, breaking over both of these levels is critical. Strength above 112 could push the upside back towards 118 and 122.

On the Downside Solana was unable to sustain the levels of 103 to 102 which derailed the current positive trend. Solana is now primed to retest lower levels around 97.05, followed by 95.50. Meanwhile, the major supports for Solana are presently at 93.70 and 91.20. If these supports can be maintained, price is unlikely to see any further pullbacks and will have a better chance of higher pushes.