SOL-“Attempting Breaking-Out”

1-Day Analysis:

Big Picture: Solana had a solid intraday session, but the bulls were unable to finish the session on a high note. Failure to do so resulted in profit-taking immediately before the session ended. Solana’s initial efforts at a breakout was unsuccessful. Price, on the other hand, is striving to begin the breakthrough once more. A strong session closing above the breakout levels is necessary for Solana to have a run up higher.

On the Upside the range levels of 20.00 to 20.30 acting as hurdles for the breakout. A firm close above this range is still required for the breakout to be triggered and price to establish a target towards the EMA-200 levels in the coming sessions. However, there are some significant intra-day resistances in between at 20.80 and 21.25.

On the Downside the price is receiving some partial support from the area of 20.00 to 19.80. If this level becomes strong support, Solana’s upside potential will improve. The main support for the session, though, comes from the EMA-50 level around 18.50. Solana has some solid intra-day supports between these critical levels at 19.20 and 18.80.