SOL – “Wait and See Approach”

12-Hour Analysis:

Big Picture: Solana continues to consolidate after a major sell-off. It has been holding supports fairly well, but this strength is meaningless unless 37.40 is restored. Multiple failures, on the other hand, would result in a re-test of the swing lows of June.

On the Upside strong resistance has been noticed from 34.50 level. Following this the next resistance is at 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 continue to limit the upside.

On the Downside 33.40 & 32.30 have been holding against any further sell-off till now. Maintaining these supports is critical too off-set any further selling. Losing these supports exposes Solana back towards 30.50, followed by supports at 29.98-29.30.