1-Day Analysis:
Big Picture: Solana after a massive run to the upside underwent a brief consolidation period. It was mentioned in previous reports that there remained high chances that this consolidation breaks to the upside and calls upon further continuation to the upside. Furthermore, Solana has now even reclaimed the midlevel and can continue to target the upside liquidities. Going forward aggressive profit-taking is advised on strength.
On the upside Solana has broken a month’s long resistance level. This remains a very positive sign for buyers who were lately struggling to find any sustainable strength. However, Solana is to see initial resistance at 16.45 level. Above this the next resistance level is 18.85 which also coincides with higher time frame resistances.
On the downside price is attempting a daily breakout above the mid-range level. This level at 15.65 will function as initial support for the session. Furthermore, holding this level will be key now to hold the
momentum as getting below this level will call upon a stronger round of profit-taking.
