SOL-“Bulls in a Favorable Spot”

1-Day Analysis:

Big Picture: Solana was able to confirm a resemblance to the bullish checkmate pattern that powered the uptrend yesterday. Price nearly returned to recent highs before giving into to intraday profit-taking. Solana is starting the session strongly and is seeking to re-test the previous highs and intra-day resistances. Meanwhile, if price breaks through the immediate resistance zone, another upward impulse remains likely.

On the Upside price smashed through a lot of resistances yesterday and is currently remains just below the 24.80 resistance level. Solana is up against several quick resistances ranging from 24.80 to 25.50. Price has been unable to break beyond the 25.50 barrier in over 90 prior sessions. As a result, a show of strength over 25.50 could have Solana bulls excited about the upside once more.

On the Downside following yesterday’s price spike, a number of supports have been established. The session’s starting support is set at 23.80. The next pair of supports will be at 23.50 and 23.20 levels. Solana maintaining above 23.00 levels would continue to benefit the bulls, while falling below this level could throw off the current prevailing momentum.