12-Hour Analysis:
Big Picture: Solana had a tumultuous weekend. The price began Friday’s session strongly and proceeded to target higher levels. However, that strength was short-lived as price encountered strong intra-day resistances, necessitating aggressive selling. Moving forward, Solana has returned to the supports and must maintain these levels in order to make another attempt on the upside.
On the Upside the initial resistance levels of 32.20-32.50 have resurfaced. Following these, the next resistances are visible at 34.60, 35.80, and eventually at 37.40. This was mentioned as the key level to reclaim in order to unlock the previously mentioned range. Unless and until a stronghold is established above this, the upside will be limited.
On the Downside the price is still above the intraday supports. This is still a positive sign for the price. Solana holding onto these supports will keep the possibility of another upward push alive. However, failure to hold these supports will most likely send Solana back to the June supports of 27-25.80.
