12-Hour Analysis:
Big Picture: Solana’s price spike was met with resistance at prior support levels. This prior support had held for over 100 trading sessions, thus losing it has left bulls in a tight spot. To counteract the current selling pressure, Solana must retake this level and hold back above it. Failure to do so would result in continued price pressure.
The Upside remains same with initial resistances at 28.90-29.98 levels. The initial test failed to recover this level. If price can break over the falling channel barrier, Solana might see some bullish enthusiasm. The channel-based resistance is located at 29.75. This level also corresponds with horizontal levels, therefore a break above it would most likely go to the 30.50-31.20 levels, with space for more upside.
On the Downside 27.90 will be established as an initial support level. Following that are the crucial June support levels, which are located at 27-25.80. These are critical support levels that must be maintained in order to prevent further price declines.
