8-Hour Analysis:
Big Picture: In addition to holding its bottom supports, Solana reacted strongly to the 8-hourly EMA-200 level. Although there was some consolidation initially, however now Solana is currently seeking a more forceful breakout towards the higher levels. While Solana is moving in the direction of the channel resistances, the RSI channel resistance is beginning to break after many weeks.
On the Upside Solana is currently attempting to regain the previously lost range support levels. This is a significant challenge for the session. Furthermore, if price is able to break and maintain this level with power, the breakout might result in an even larger push to the upside, first towards 93.80 and 95.50, followed by the trendline resistances at 96.40. Meanwhile, 96.40 will be the second breakthrough level.
On the Downside the recently recaptured levels will be turned into supports. The session’s immediate support levels are currently 90.90 and 90.15. Following this, the next supporting levels are 88.70 and 87.50. Solana might re-test lower supports, and if a significant reaction is observed, breakout changes at higher levels enhance. To upset the present momentum, a decline below 85.70 is necessary.
