2-Hour Analysis:
Big Picture: Solana’s session remained extremely volatile. The price attempted a breakout but was met with a strong rejection off the double top, resulting in a sell-off. Solana has lost a few key intraday levels and is now trading below them. Going forward, it must reclaim these levels before attempting the higher levels again. Furthermore, consistent failures will be a cause for concern and may expose Solana to strong supports found lower.
On the Upside intraday resistance has resurfaced around 13.70-14.05 levels. Surpassing this will almost certainly take the price to the 14.40 level. Strength above this region is required for a re-test on 14.95-15.25 levels. Previously, Solana’s upside was limited by this region. Furthermore, for a much smoother rally, Solana must achieve back-to-back daily closings above 15.60 levels.
On the Downside fine supports ranging from 13.20 to 12.75 levels. The initial sell-off was also limited at these levels. Furthermore, if Solana can hold onto these supports, momentum may return, causing prices to rise. Loss of these intraday supports, on the other hand, will expose price back to 12.30 levels, with the possibility of even lower levels.
