SOL – “Wait and See Approach”

12-Hour Analysis:

Big Picture: Another session of consolidation for Solana. Furthermore price action is starting to get heavy as bulls are not stepping in aggressively. The price is still honoring the support levels, however won’t hold for very long if aggressive buyers don’t step in. This might cause prices to fall towards lower support levels.

On the Upside 33.30 is reinstated as an immediate resistance level. Multiple intra-day resistances have been noted between 33.30 and 34.50. These resistances will make it tough for price to gain pace initially. As a result, unless these are regained, the price action will likely stay uncertain. Surpassing these would move the price towards 35.40, then 37.40. If further upside is to be seen, this level must be reclaimed. Failure to do so would keep the upside limited.

On the Downside 32.30 is still in use as initial support. It has been reasonably stable as support till now. Maintaining these supports is crucial in order to offset any additional selling. Loss of these supports exposes Solana to 30.50, followed by 29.98-29.30 supports.