SOL-“Weak Momentum”

2-Hour Analysis:

Big Picture: Solana has made a good comeback in recent weeks, but its weakness remains visible. Solana has been vulnerable since losing the Range lows at $20 levels. It is now failing to generate aggressive momentum. Solana will experience enormous congestion if it seeks to rise above its existing levels.

On the Upside Solana is anticipated to encounter resistance from the trendline at 16.30. Finding acceptance back into the channel would boost its momentum, leading to a re-test of the 16.55 level. However, for Solana to experience a major increase in momentum, it must currently break over the above falling trendline resistance at 16.80.

On the Downside the supports between 16.20 to 16.05 levels are getting challenged once again. These supports levels are getting weaker after multiple attempts. If price loses this supporting region, it is anticipated to fall towards the 15.50 level, which is protected by both horizontal support and 61.8% Fibonacci support.