SOL – “Wait and See Approach”

12-Hour Analysis:

Big Picture: Solana failed in establishing acceptance back into prior range. Price deviated in that zone, resulting in a big profit-taking event. Previous reports had indicated that if price fails a few times, Solana would most likely look for lower supports. Price has now entered a zone of support; expect at least a partial reaction.

On the Upside the initial resistance level is 34.50, followed by 35.40. Surpassing these levels would reopen the door to a move towards 37.40. This level is a critical one to reclaim if additional upside is to be seen. Failure to do so would limit upside.

On the Downside As intense profit-taking was observed, Solana shattered a couple significant supports. It has returned to the support zone of 33.40-32.30. Maintaining these supports is critical if the price is to avoid another sell-off. As losing these supports exposes Solana back towards 30.50, followed by supports at  29.98-29.30.