SOL-“Caution Remains Advised”

1-Day Analysis:

Big Picture: Bulls are regaining strength below the EMA-200. This is their fifth effort to break through past this level. All earlier attempts to provide a session closing above the EMA level were unsuccessful. Solana is still in good shape and is attempting to break through the EMA. However, caution is still advised until a clear breakout is accomplished.

On the Upside the EMA-200 continues to be the initial resistance level. This level is now additionally overwhelmed by another intra-day horizontal resistance at 22.30 level. To confirm its break over the EMA barrier, Solana requires a solid session closing above these levels.  A strong penetration is expected to take Solana towards 23.95 level next.

On the Downside Solana has developed an additional support at 21.90. The next level of assistance comes at 21.30. Both of these are intraday supports, however they are vulnerable if Solana fails to break beyond the EMA level. In an event of exhaustion, Solana is expected to re-test the 20.30 to 19.60 levels before attempting any additional breakouts.