SOL – “Further Strength Required”

1-Day Analysis:

Big Picture: Another surprising intra-day sell-off occurred in Solana, but it was forcefully defended by the bulls. Moving forward, this strength must overcome the 32.40-33.70 resistance level in order to rise higher. Failure to utilize this strength would keep Solana choppy for further sessions.

On the Upside both 32.40 and 33.70 are effectively limiting the upside. This is a difficult challenge for bulls to overcome. Further advances are 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 yesterday’s sell-off was eased by support near 30.50. Both supports at 30.50 and 29.20 are expected to remain in place. These levels performed well and are likely to give more assistance in the future. If these supports are not held, the price will be exposed to the 27.50-26.00 bottom support.