SOL – “Wait and See Approach”

12-Hour Analysis:

Big Picture: Price resulted in a stronger sell-off as Solana breached the trendline supports. Its failure to break above 34.60 has resulted in a buildup of pressure which is now being evident. Solana can still head lower towards the intraday support levels. Its general price activity, though, is expected to remain choppy.

On the Upside more intraday resistances emerge.  The initial resistance level will be at 32, followed by 32.40. Above this level, heavy selling pressure could be seen between 32.85 and 33.20. Solana will experience stiffness near these levels. As long as it remains below the 12-hourly EMA-100, it is expected to be under selling pressure.

On the Downside price has taken support at 31-30.50. At the moment, oscillating indicators are severely oversold, which might signal further consolidation or a short-term short-squeeze. As a result, sellers must manage risk at these levels. However, if these supports are breached, Solana will be exposed towards the 29.98-28.90 area.