3-Hour Analysis:
Big Picture: Overall, the bulls maintained their dominance and generated another strong advance higher into next weekly levels. The bullish strength for Solana remains quite strong, but the intraday indicators have already reached aggressively overbought area, which may put the short-term gains under pressure. Furthermore, profit-taking on strength is recommended once more.
On the Upside over the previous session, there was a surge that nearly reached 128. However, the gains were unable to hold as the price saw some significant profit-taking higher. Meanwhile, the key intra-day resistances for the session are 118 and 122. Meanwhile, 128 and 132 are significant resistance levels from were profit-taking is possible.
On the Downside in combination with the EMA-22 level, the trendlines were able to provide some support. This area between 112 and 111 retains Solana’s first supporting zone. Meanwhile, the solid base support is located between 109.80 to 109.30. This is where some strong short-coverings, as well as some new buying, should be kept an eye on.
