12-Hour Analysis:
Big Picture: Yesterday’s session saw Solana trading inside a 30% volatility zone. The price reached its peak of 142.80 before posting a collapse in intraday session. The price plummeted by about 26.50% in a few hours from its peak yesterday, but that drop provided new entrants with a significant entrance opportunity, which was quickly capitalized on. Solana saw its biggest volume since November 2023, indicating an active change of hands.
On the Upside 132.30 has once again been seen as a resistance level. Once again strength above this level remains essential to drive some strong momentum. With sustained strength over 132.30, the next upside objectives for the day would be 133.20 and 142.80.
On the Downside despite such intense selling pressure, sellers were unable to close on their preferred terms. The price did not close any candles below the support levels of 126.40 and 124.30. This indicates that bulls are aiming to hold firm at the breakout, and if this position can be maintained over the next several hours, Solana may make another upside effort. However, to negate that development breakdown below 124.30 remain key.
