1-Day Analysis:
Big Picture: Solana upheld the EMA-50 level and recovered rapidly. It is now seeking to break above the key horizontal and trendline resistances. The next few hours and the session’s closing are crucial for Solana’s next course of action. A strong breakout will lead Solana towards the EMA-200 level potentially towards the 61.8% retracement levels. If the breakthrough fails, the pair will face some fresh selling pressure.
On the Upside price is now testing the resistance level of 20.20. A sustained hold above here, along with renewed bullish activity, will lead to a major breakout. Above 20.20, the next intraday resistance is at 20.80, followed by 21.25. However, the key resistance remains around the EMA-200 level of 22.15.
On the Downside the levels between 20.00 and 19.80 would need to hold in order for Solana to successfully push for the breakout. These levels must be reclaimed as support for the upside to continue. If the breakout fails and these levels fail to establish as supports, Solana will likely revert to the lower supports of 19.20 and the EMA-50 support level of 18.50.
