1-Day Analysis:Big Picture: Solana is beginning to recover after standing the EMA test in consecutive sessions. Going forward, Solana might gain significant momentum if it ends the current session above the 24.80 mark. If this occurs, a possible morning star candlestick pattern may form, pushing Solana much higher, possibly into the fibonachhi retest levels.
On the Upside Solana is about to challenge intraday resistance levels of 24.05 and 24.25. This challenge will most likely determine whether price will get some lasting momentum or whether it will lead to profit-taking at strength. A stronghold over 24.25 is expected to drive Solana up towards the 24.95 to 25.05 levels. This is where partial profit-taking can be seen, slowing the upswing even if just for a short period of time.
On the Downside as Solana approached the EMA-200 level, there was a sudden jump in volume, suggesting that fresh buying may have occurred around yesterday’s lows. Furthermore, it was the candle with the biggest volume yesterday. The EMA-200 level will continue to provide significant assistance to Solana sessions. However, the initial intra-day supports for the session are at 23.55, followed by 23.40.
