1-Day Analysis:
Big Picture: Yesterday’s session ended on a weaker note, but today’s session began strongly and is continuing to do so. This means that volatility will likely persist as both players compete for dominance. Bulls are keen to flip the immediate resistance zone in order to lead a breakout, while sellers are exerting pressure on these resistances in order to prevent a bullish breakout.
On the Upside a trendline resistance is seen at the 24.25 level. Breaking this level would provide the pair with some short-term strength, allowing Solana to strive for a re-test of 24.80. For the past few weeks, the main resistance has been 24.80. Bulls breaking over 24.80 successfully opens the door to the next significant resistance level of 25.55, which has not been breached in over 3 months.
On the Downside Solana dropped lower and tested 23.20. This level was recognized as a support capable of pushing for a robust recovery, even if just partially. A positive response has been recorded since testing this support. Meanwhile, the primary support for the session is at 23.45, followed by 23.20. Furthermore, as long as 23.20 is held, bulls are unlikely to suffer any major damage.
