1-Day Analysis:
Big Picture: The bulls won the fight and were able to break month’s long resistance, resulting in a new breakout for the pair. Bulls now maintain steady control, but will soon face another critical S/R obstacle. This level may somewhat prompt profit-taking, but a similar display of strength is probable above it. Going forward, holding the recent breakout levels, keeps Solana under a bullish breakout.
On the Upside the price is approaching the resistance level of 27.50, which is a historic S/R level for Solana. This level was historically one of the strong supports for Solana, but it is now a significant resistance level. Bulls who are currently already very strong will enjoy an even stronger momentum if they are able to break this prevailing hurdle. Surpassing 27.50 would take the price towards 29.10, followed by 32.15 levels.
On the Downside Following Solana’s recent move higher, many intraday supports have formed. The session’s initial support ranges from 26.40 to 26.20. Maintaining these lower-time frame support zone will keep the bullish trend going. Furthermore, Solana has breakout supports ranging from 25.50 to 24.80. Solana retaining these breakthrough range keeps the bullish breakout alive, while sellers must negate these breakout supports if they want to reclaim their control.
