12-Hour Analysis:
Big Picture: Solana remained choppy throughout the session as prices battled between key levels. Sellers continue to have the upper hand as long as the price remains below the EMA-100 level. If this resistance is not broken, the price will fall back to lower support levels. While strength above the EMA-100 will almost certainly provide fresh opportunities for Solana in sessions to come.
On the Upside five 12-hourly candles were rejected above the EMA-100. This demonstrates the current strength of this level. It’s a significant barrier that Solana must overcome in order to continue rising. Unless and until that happens, the upside will be limited. However, above this level the next resistance are evident at 34.40 followed by 35.20.
On the Downside the initial profit-taking event was held by the horizontal support level at 30.80 and the EMA-50-based support level at 30.60. These are reasonable session supports. However, continued rejection of the EMA-100 level will almost certainly overwhelm these supports, exposing Solana back towards the levels of 29.98-28.90.
