1-Day Analysis:
Big Picture: As price broke out of the consolidation area, Solana’s explosive push was rekindled. Price has somewhat respected the resistances, but as soon as bulls make in a good effort, Solana has not encountered any major challenges from these resistances. The main reason for the slowdowns has been the severely oversold circumstances, which mostly create momentum slowdowns, while Solana has been in a hyper move.
On the Upside as the price began to persist over the 50 level, there was another significant sustained move upward. The effort has cleared a number of roadblocks that have been in place since mid-May 2023. However, the price has risen over the 59.30 to 61.70 range, but no candle has closed despite several efforts. As a result, these levels will remain the primary resistances however, above them, the next wave of resistance is at 65.50, followed by 68.40.
On the Downside there is a new wave of support from 55.80 to 54.60. This range is currently Solana’s principal means of support. As long as bulls can maintain this supporting zone, no further decline appears likely. If these supports breached, the path towards 53.50 remains open, with sights of 51.30 and 48.95 as well.
