SOL-“Caution Advised”

1-Day Analysis:

Big Picture: Solana is still facing difficulties at the resistances above. It has struggled to overcome these levels and is expected to see some significant profit-taking as a result of consecutive rejections. Going forward, re-testing lower supports may be a good choice for the bulls to recharge before any additional attempts to the upside. However, caution is still urged since the price is continuing to confront major resistances.

On the Upside Bulls are finding it tough to breach resistances ranging from 19.80 to 20.20 on their initial attempts. Solana has attempted to overcome these levels many times in the previous five trading sessions, but has failed to sustain strength each time, resulting in intra-day profit-taking. To offset any corrective phase, Solana must break through this resistance region and push for a breakthrough above it, aiming for the 22.00 level next. However, initial resistance for the session will be found near 19.10 and 19.40 levels.

On the Downside the daily EMA-50 is currently being tested. This will be a crucial level of support for Solana during the session. Holding this EMA would rule out any deeper corrective moves. Furthermore, if this support is breached, Solana might fall to 18.40 first and potentially lower towards 18.00 levels.