12-Hour Analysis:
Big Picture: Solana has been rather quieter the past few days. Although the price was able to surge higher, the final breakthrough has yet to occur. Solana is probably in a cup and handle pattern, which is mostly a bullish bottoming and continuation pattern. This pattern requires price to break above the neckline levels of 117 to 118 for it to take effect and Solana to move into a momentum-based uptrend.
On the Upside Solana continues to encounter severe resistance at 116.20 to 118 levels. These levels have remained unbroken for the previous 55 days. Solana’s breakout above these levels should push the price back into a major hyper bullish trend, with initial targets of 126.40 followed by 142, and 155. However, there are a few intra-day resistances in between.
On the Downside the supporting range has been lowered to 108.20 to 107.50 as the initial intraday support. Meanwhile, levels 104 to 102 serve as breakout-based supports. Solana retested these supports and got a strong reaction. These are important supports for the session, and if Solana can maintain them, the downside will be limited.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.
