Big Picture: Yesterday’s drive by Solana was only a course of recovery, as price was immediately rejected after testing the 61.8% Fibonacci retracement. The bulls are still avoiding significant rallies since higher time-frame signs show very protracted overheat. Such rounds of consolidation and intraday selling could help in the indicators cooling down.
On the Upside the initial resistance levels for the session continues around 110.35 and 109.65. Above this, the next level of resistance is at 115 to 116 levels. However, the strongest resistance remains at 118, followed by 122. Price also shows the 61.8% Fibonacci retracement at 118.
On the Downside after being rejected from 118 and subsequently from the previous base levels, price appears to be on track for a comeback to the support levels of 102.45 to 101.50. Previously, the price was able to maintain these levels. Some positive reactions are expected, but if bulls fail to maintain these support levels, Solana will likely fall into 98.75 and possibly lower.