1-Day Analysis:
Big Picture: Solana is still consolidating below the critical resistance levels of 32.40-33.70. This is a cause for concern, since failing to reclaim these levels would simply result in another downward move. Furthermore, regaining these levels in the coming hours would mark this consolidation as a divergence, fueling the upward.
On the Upside 32.40-33.70 remain significant resistance levels. Multiple attempts to exceed these levels in lower-time frames have failed. This is a challenging task for bulls to achieve. Further progress is unlikely unless Solana exceeds these thresholds. Surpassing these, though, would push Solana towards 37.70. Price is currently observing EMA-50 at this level, hence profit-taking can’t be ruled out.
On the Downside 30.85 has been identified as the immediate support level, followed by 30.50 and 29.20. Solana is gradually increasing its level of support. This is a good sign, but these supports will collapse until the price moves over 33.70 and establishes a stronghold. Breach of these supports exposes Sol next to 26.50-25.50.
