SOL-“Turning Short-Term Bullish”

2-Hour Analysis:

Big Picture: Solana’s momentum resurfaced after re-entering the channel formation. The momentum is still strong, and it is now seeking to break over the both the important resistances. Bulls must maintain their strength and make additional efforts to sustain this breakout to target resistances beginning at 18.50. Moreover, the AB=CD Pattern still remains active on Solana, establishing target base of 19.80.

On the Upside Solana is seeing a significant rise. Its breaking past both the trendline resistance at 16.80 and the 2-hourly resistance range of 17.60. This has been a strong barrier lately for Solana and strength above it would allow for a strong move in the upcoming hours. Surpassing this takes Solana towards 18.50 possibly even towards 19.20 level.

On the Downside Yesterday, Solana tested the lower-supports. However, the 50% and 61.8% retracement supports at 16.20 and 15.50 respectively held price and caused a significant reversal. 16.80 will be the session’s initial support level, followed by 16.55, where another intra-day support level exists.