12-Hour Analysis:
Big Picture: Solana tested much lower support levels and recovered strongly. This indicates that there is still buying interest at lower levels. Solana must now reclaim the lost EMA-100 level in order to regain momentum. On the contrary, while it is still early but a potential head and shoulder pattern is emerging.
On the Upside Solana is re-testing the 32.05. EMA-100 level. Reclaiming this EMA will assist in regaining lost momentum. The next resistance zone is seen above this at 34.40 to 34.60. To extend the upside further, Solana must establish a stronghold above this level. Unless and until this occurs, the upside will be limited to this region.
On the Downside the support region has returned to the lower level of 30.50, followed by key intra-day supports of 29.98-28.90. Buyers are extremely interested in both of these levels. To keep this region stable, Solana must break through the resistance levels noted above.
