SOL-“Bulls on the Front-Foot Again”

1-Day Analysis:

Big Picture: Solana saw a few days of slower price activity, but its consistent reaction towards the support levels have propelled another solid push upward. Solana is testing recent highs and faces some intraday resistance in the upper area. The pair’s momentum is still strong, and a significant push higher is possible if the above resistance barriers are surpassed.

On the Upside the price is continue to rise. Price kept the stronger domain by holding onto the 42.50 level, but as price broke over 44.70, a much greater momentum was apparent which pushed price farther higher into the resistance zone above. Solana is up against some stiff barrier at 47.40 and 49.65. This zone has the potential to cause significant profit-taking, while any breakthrough above these levels will send Solana into a vertical rise higher towards 51.90 level.

On the Downside the newly recaptured levels will now function as partial support levels once more. Solana will find first support at 44.70 to 44.50 levels. These levels initiated this wave upward. Holding these supports would allow price to channel higher, but going below them would throw off the current momentum and could lead to a re-test of the 43.30 and 42.50 levels.