12-Hour Analysis:
Big Picture: The congestion-based zone curtailed the upside once again and drew price back towards the base. It was frequently stated that if Solana maintained its failed attempts at the 34.60 level, it could exhaust investors and require a higher magnitude of corrective drop. Solana is already breaking trendline-based support and may face lower supports if pressure stays high.
On the Upside several new resistances have been created. The first point of resistance will be at 33.40. Breaking through this level would take price back towards the EMA-100 at 34.20. This EMA has been creating significant difficulties. A stronghold above this EMA would be a promising indication. However, there still would be significant resistance between 34.60 to 35.00. Strength over this level would place Solana in a short-term bullish territory.
On the Downside Price is on the verge of breaking through the trendline-based support level. If Solana loses this level, it will be exposed towards 31.80 and 30.50 levels next. However, major support for the week remains at 29.98-28.90. As long as price retains these levels, the downside risk remains modest.
