12-Hour Analysis:
Big Picture: Solana’s momentum slow down resulted in a deeper pull-back for the pair, where price aggressively challenged the breakout supports. This supportive level was protected by several supports, which ultimately prevented further breakdown. Bulls, on the other hand, were able to generate a fair reaction in the later hours of the session, allowing for some recovery. Overall, Solana is moving in a declining channel inside the broader price pattern.
On the Upside intraday resistance is projected to occur between 107.50 and 108.20 levels. This is a significant S/R area that bulls must recover control of in order to improve the conditions and prevailing momentum. Strength over 108.20 would once again allow for some stronger recoveries into 112, followed by a probable return towards the 116.20 to 118 levels.
On the Downside Solana had a solid reaction from the lower range of the supports. The breakout supports almost overlapped with the EMA-100 level, resulting in a strong rebound. Volumes did increase at the lower levels, indicating aggressive short-covering as well as some fresh buying. These supports between 104 to 102 remain important for the day, as does the EMA-100’s dynamic support at 99.65.
