12-Hour Analysis:
Big Picture: Despite noteworthy intra-day selling pressure, the bulls were able to maintain the range’s low support levels. Holding this zone has resulted in a rebound powered primarily by short-covering and some fresh buying. Bulls must now produce strong momentum based volumes to keep the momentum and trend flowing upwards.
On the Upside Solana is back at resistance levels ranging between 102 to 103. Both participants are once again going to have major challenges here. Meanwhile, if bulls can break over this zone, they are likely to go for resistance levels around 105.50 and 107.50. These above resistance levels will be key for bulls if price is to be pulled back up towards 118 to 122, or perhaps much higher.
On the Downside 98.50 and 96.00 are expected to be turned into support levels. Solana has steadily obtained an excellent round-shaped bottoming structure. This zone between 93.70 and 91.30 has a number of strong supports that not only protect the trend but also cause rounds of recoveries. The downside is safeguarded as long as this range-low support zone holds.
