SOL-“Solana Potential Double Bottom”

1-Hour Analysis:

Big Picture: Solana has been weak during the previous several trading days, but for the first time in this process, it is beginning to form a probable bottoming structure on the lower time frames. Solana is presently establishing a possible double bottom pattern, and if price can retake the key resistance zone, a push back towards the higher levels is expected in the coming days. 

On the Upside the day’s opening resistance will be at 103.30, followed by the 105.50 level. Meanwhile, an important S/R level occurs between 106.30 to 106.80 levels. This was the resistance range that limited yesterday’s bullish efforts. This is the range that Solana must breach in order to confirm a double bottom pattern and re-aim towards the 108.20 and 110.80 levels.

On the Downside 102 continues to be the session’s initial support level. On higher timeframes, sellers have failed to close any candle below this supporting level, and a hidden bullish divergence is beginning to form, which may ease the ongoing selling pressure. Meanwhile, 102 remains the first supportive level. Following this, the next support level is 100.40, and any pressure buildups below this level might expose Solana towards the hourly demand zone of 97.50 to 96.95 levels.