12-Hour Analysis:
Big Picture: Since December 2023, Solana has gradually transitioned into a round shaped bottoming pattern. This pattern is presently edging in on key breakthrough levels. Solana has some immediate resistance till its recent 52-week high, but the structure suggests that price has been inside a continuation pattern over the previous few weeks. However, a break above the current highs would confirm the continuation pattern, bringing additional momentum to Solana and pushing it even higher.
On the Upside Solana is currently challenging levels 116.20 to 118. This resistance area had been identified as a powerful range that would require the bulls to be very determined if they were to break through it. Meanwhile, Solana’s ability to overcome this range would permit the upside to continue back towards the 122 level, followed by 126.40 levels.
On the Downside fresh support are presently building between 115 to 114.20 levels. This is Solana’s primary supportive range. Below this range, there is some partial support around 112.40, but the primary support remains at 110.80 to 110.20 levels. This is the range that Solana must keep in order to prevent any big selling rounds while still maintaining its present tempo.
