1-Day Analysis:
Big Picture: Solana is regaining strength after several weeks of sideways movement. On a higher time frame, a possible bull-flag is forming, which will acquire confirmation once the price exceeds the EMA-200 level. This EMA level has not been broken in more than 370 trading sessions. Solana’s outlook is improving, and a holding above the daily EMA-200 would be beneficial.
On the Upside Solana is now testing intraday resistances ranging from 25.00 to 25.30. Solana sees a daily based EMA-200 level at 25.55 above these levels. This will be a crucial test for it. Acceptance above it would encourage the aggressive bulls for the next upside phase, with initially targets of 26.60 and 30.75.
On the Downside Solana is getting a number of supports. The initial level of support is presently at 24.25. The next level of support comes from the mid-range level of 23.40. As long as buyers hold this level, the short-term trend remain positive and downside levels will be protected. If this is lost, prices would fall into the 22.10 level, which is another significant support level.
