SOL – “Volatility Expected”

12-Hour Analysis:

Big Picture: Solana formed a quick double bottom on lower time frames, resulting in a reversal. Price is attempting to reclaim the EMA-100 level at the moment. The upcoming candle closing and the follow-on candle closing are crucial for the session. Solana can regain intraday momentum by breaking through the EMA-100 level. Rejection of the EMA-100, on the other hand, may once again invite heavy intraday selling.

On the Upside price is showing signs of resistance between 32.20 and 32.50. Surpassing these will most likely extend the upside further, first into 33.00, then into 34.40-34.60 levels. This remains a strong resistance level for Solana, as it has not been breached in over 50 trading sessions.

On the Downside several new intra-day supports have emerged. The initial support level will be 31.75, followed by 31.40. The next level of support is at 30.50. Both of these levels should provide sufficient support for the session. However, major Solana supporter remain at 29.98-28.90 levels.