SOL-“Continue Profit-Taking on Strength”

1-Day Analysis:

Big Picture: Solana has held the immediate support levels, but for the previous few days, the price has been range-bound between 66.90 to 57.00 levels. Furthermore, the pullback has led in a cooling of the overbought indicators. The pair’s price action may stay volatile in the coming days. Furthermore, a break below the immediate supports could as well trigger a corrective phase for Solana.

On the Upside a significant resistance level has been established at 61.30. If the price fails to break over this barrier, it is unlikely to rise much more. Meanwhile, stronghold above this level might rekindle bullish interest for the pair, allowing it to regain momentum. Holding over 61.30 and breaking beyond 62.20 could push Solana into the 65.10 to 66.90 range. Any break over 66.90 extends the upside potential towards 70.30, next 72.40.

On the Downside Solana is receiving primary intra-day assistance from 59.10 level. If price can hold this support over the next several hours, a positive reaction could be sparked once more. Meanwhile, below this supporting area, the pair’s next supports are at 57.00 and 53.50. Over the previous week, price has grabbed repeated supports from these levels. Furthermore, this range now receives support from the quicker EMAs.