SOL-“Continue With Profit-Taking on Strength”

4-Hour Analysis:

Big Picture: Solana was able to achieve new 52-week high during the Friday session, but it was pointed out that weekly levels were quickly approaching, which might lead to profit-taking. That is exactly what happened, and since putting out the high price, there has only been profit-taking. The wickless candles have previously indicated a cause for worry. Going forward, there may be a short-term bounce, but Solana could fall lower again if it breaks the 68.20 mark.

On the Upside the primary resistance is 70.30. Above here, the next level of resistance is at 75.80. Both of these resistances are unlikely to hold if bulls can regain some aggressiveness. Solana has been one of the strongest in recent months and might continue to surprise. However, in the short term, any strength is expected to encounter significant resistance between the levels of 78.80 and 80.00, followed by 81.25.

On the Downside the 68.20 level is now providing primary support. The initial tests are finding great support once again, but that support must last longer if bulls are to surge higher. Meanwhile, any break below this support sends Solana down to 66.20, followed by 64.95 and 63.95. Solana almost sees the 4-hourly EMA-200 level at 63.95.