1-Day Analysis:
Big Picture: Solana, following a solid upward trend, is presently challenging one of its important resistances. Furthermore, a hanging man candlestick pattern emerged during yesterday’s session, signaling caution as it might lead to rounds of profit-taking and lower support re-tests. As a result, active risk management is recommended during the session.
On the Upside Solana is facing stiff resistance between the levels of 19.80 and 20.20. Yesterday’s session saw some fresh pressure come in; also, the lower time frames reflect a weakness in momentum for Solana. To counteract such developments, Solana must lead a break over the 20.20 mark. A successful breakout would result in higher prices and possibly a re-test of the EMA-200.
On the Downside there are now a few intra-day supports available for Solana. Initial supports remain in place between 19.20 and 18.90. Yesterday’s session pushed these supports to the test, and their reaction was good. However, below these levels, the next support comes from the EMA-50 at 18.40, followed by the support level at 18.00.
