1-Day Analysis:
Big Picture: Solana will likely move inside the consolidation zone, which is identified between 24.80 to 21.80 levels. Price is expected to remain volatile as long as it remains inside this zone. To cause a breakout, price must either rise above 23.80 or fall below the EMA-200 level. Short-term moves are expected on both sides for the time being.
On the Upside within the prevailing range, another resistance level has been introduced. Solana is now facing two near intraday resistances at 23.50 and 23.80. Strength over 23.80 is still required for price to advance higher into higher resistances. If the price breaks 23.80, it is expected to advance next towards 24.20 and 24.40.
On the Downside the price closed just marginally below the range’s midpoint of 23.40. This triggered some intra-day slide, almost pushing the price towards the next support zone of 22.40 to 21.95. However, similar to certain resistances, some intra-day supports at 22.95 and 22.80 have also been added. These supports can help the price in the short term, but the main support below the mid-level remain at 22.40 to 21.95 levels.
