1-Day Analysis:Big Picture: Solana has had a deeper corrective pullback as a result of failing to surpass the 61.8% retracement line. Price is currently approaching a critical threshold level. After surpassing the EMA-200 mark, Solana began its most recent strong rise. Currently, price is almost back at this EMA’s support level. Bulls’ momentum would be revived for a return towards the retracement levels if this area could be held. On the contrary failure to hold the EMA support could prove to be fatal for bulls.
On the Upside for Solana, a few more resistances have been introduced. 24.25 is the first level of resistance, followed by 24.95 through to 25.05 levels. Around these resistances, price is anticipated to experience some additional pressure inflows. Bulls will need to build some momentum to go over these barriers. Surpassing these levels would enable the price to climb towards the next resistances, which are positioned around 26.15, and the retracement level of 27.00.
On the Downside for Solana, extremely significant support levels are approaching. At the price level of 22.30, there is a mix of dynamic and horizontal support. Additionally, this level is where the EMA-200 protection is now located. Ideally, this support area should hold; if not, this selling phase could develop into a panic sell-off, pulling Solana down into levels of 21.65, followed by 20.30 to 19.70.
