SOL-“Bulls on the Front-Foot Again”

1-Day Analysis:

Big Picture: Bulls continue to dominate the charts as price sets new 52-week highs session after session. The consolidation over the previous few days has given the pair some breathing room to cool down its indicators. Solana is currently attempting the initial levels of resistance from May 2022. Any sign of strength over here would spark another impulsive upward surge.

On the Upside price has crossed the 47.40 level and is presently testing the 49.65 level. This is a powerful level of resistance for Solana, which might put the price under some intra-day hurdle. However, due to the current strength, the price has the potential to flip this level and strive for higher levels at 51.20, followed by the 51.90 mark.

On the Downside 47.40 will be converted to a support level. Holding this level in any intraday retests will energies the bulls even more. Meanwhile, sellers would need to pull the price back below 47.40 if they want to see any profit-taking or derail the momentum. Meanwhile, above 47.40, there is some little support at 48.80.