12-Hour Analysis:
Big Picture: Solana’s prior S/R retest was extremely bullish for the price, which then clearly took a significant upward trend. Meanwhile, another major S/R is looming, making prices a bit volatile. Solana currently trades in a narrow price range. It must continue to hold the supports in order to push for higher levels in the next hours. However, sellers will make it challenging for bulls to overcome the above levels. As a result, active risk management is recommended.
On the Upside as the price rose over the 115 mark, immediate resistance was encountered. This is an immense resistance level. This area has resistances surrounding it, which can keep price under some pressure. Initial resistance levels range from 115.15 to 115.35 levels. Above this, the next resistance levels are at 116.20, 117, and 118. However, if bulls can overcome these obstacles, the upside is comfortably open for 122 and 126.40.
On the Downside 110.80 to 110.20 retained the main session supports, holding off yesterday’s phases of selling. These will once again serve as the session’s key support levels. If Solana persistently holds onto these levels it will maintain the present optimistic trend. However, below these levels, the next significantly strong supports are between 105.50 to 102, with intraday support at 107.50.
