3-Day Analysis:
Big Picture: The bulls continue to dominate Solana, easily breaking past critical significant resistance levels. This shows that the bulls are currently overpowering any selling presence. Meanwhile, Solana has reached a new crossroads and could unleash an even finer wave of upside, if it breaks above the psychological mark of 100. However, because this area is significant, caution is suggested for the time being.
On the Upside Price rose over the 92.10 level and quickly broke through the 98.10 level, but it saw immediate profit-taking as it approached the 100 mark. This implies that there may be a significant profit-taking presence in this area. On the 4-hourly chart, the price has formed a bearish engulfing candlestick pattern, which can keep the price under pressure even if in the near term. However, during the session, the resistance levels of 92.10, 98.10, and 100 remain valid.
On the Downside a number of fresh supports at 91.95 and 91.10 have been added for Solana. Below these levels, the next supporting range for Solana is at 88.05, followed by 87.85 levels. These supports are expected to encourage strong rounds of short-coverings and could possibly still generate strong buying pressure.
