Big Picture: Solana’s consolidation at the highs has already lasted more than 15 trading sessions. Depending on the range’s breakout, this consolidation is likely to take the form of a short-term re-accumulation or distribution phase. In the case of a breakdown, Solana is expected to continue lower and test its lower supports before regaining bullish momentum; however, if bulls can maintain strength above the 63.95 mark, another bullish continuation is possible.
On the Upside congestion between 58.50 and 59.80 has limited the coin’s upside at these levels, preventing bulls from gaining momentum. However, the session’s primary resistance is at 56.15, followed by 56.90. Above these resistances, the price might once again seek the congestion zone between 58.50 to 59.80.
On the Downside price has returned to the supporting range of 55.05 to 53.05 levels. This area has been protecting price during the previous couple of sessions, but there is now addition from the 4-hourly EMA-100. Both of these supports are working together to keep the price above them. Meanwhile, any increase of pressure below these supports is expected to push price back below 51.30 and potentially towards the 4-hourly EMA-200, which is currently at 49.05.