1-Day Analysis:
Big Picture: Solana broke through important support levels and showed significant indications of weakness, but bulls have made a strong recovery with a bullish engulfing candle. This indicates that the bulls’ behavior has changed and that they are ready to fight. Sol is aiming to gain momentum over 32.40; progress above it would open the door to additional gains.
On the Upside the day’s initial resistance is noted near 33.70. This is a formidable obstacle for bulls to overcome. More gains are unlikely unless Solana surpasses this level. However, a break of this would take Solana towards 37.70 next. Price is currently observing EMA-50 at this level, hence profit-taking can’t be ruled out.
On the Downside 32.40 will once again provide assistance. The next wave of support is observed at 30.10 and 29.20. These levels held up well and are expected to provide more support in the future. If these supports are not held, the price will be exposed to the bottom support at 27.50-26.00.
