2-Hour Analysis:
Big Picture: Solana initiated intra-day profit-taking after experiencing a double rejection off the 2-hourly EMA-200. Pressure was present in the preceding hours, but now a hammer candlestick is being printed as Solana tested the trendline-based supports. Demand has been spotted once more; but, in order to re-establish a stronger momentum, the 2-hourly EMA-200 must first be broken.
On the Upside at the 13.70 level, there is slight resistance. There are significant resistances between 13.95 and 14.05 that must be overcome before Solana may re-attempt the 14.40 level. Strength and acceptance above 14.40 is essential for Solana to open up significant potential into the 14.95-15.25 range. While gains above 15.60 can trigger panic short-covering, extending the upside to 16.50 and higher.
On the Downside Solana’s trendline-based supports between 13.30-13.40 are indicating good support. A powerful candle closure would bolster this support even more. However, unless the 14.40 threshold is breached, these supports will remain in limelight, and frequent re-tests may weaken them considerably. Loss of these supports would send Solana down into 13.00, followed by 12.75.
