SOL-“Further Room For Upside”

2-Hour Analysis:

Big Picture: The double bottom pattern was in command, and when Solana broke through the trendline resistance, there was a sharp impulsive move to the upside. Previously, the deviation below 22.15 level pulled for a high of 26.50. As a result, if the 22.15 level holds, a similar move to the upside is possible for Solana.

On the Upside Bulls pulled off a spectacular intraday move by pushing over the 22.50 barrier. They nearly challenged the 24.26 level but fell just short before engaging mild profit-taking. But, for the session, the 24.26 level will be the initial intra-day resistance, followed by the 25.00 level.

On the Downside the recently regained resistance levels are now likely to provide support. The session’s initial support is at 23.00. Below this both the levels at 22.50 and 22.15 will operate as strong support levels. These supports are likely to restrict any downside risk for the day. In the event of any extreme profit-taking, the fall could exceed towards the 21.50 level.