1-Day Analysis:
Big Picture: Yesterday’s session concluded with a Doji price candle, indicating that there was little price action. Solana is presently positioned at critical range levels, with price flipping the immediate resistance zone would break the 3-months long barrier, perhaps resulting in a significant breakout for the pair. Meanwhile, it is also crucial to remember that this range has months of resistance. Price might see some additional volatility around these levels as buyers and sellers compete for dominance.
On the Upside Solana continues to find significant resistance between 24.80 and 25.50. These resistance levels have been holding for nearly 90 trading sessions. Buyers have been unable to attain success above these levels despite multiple attempts. If bulls want to shift Solana from bullish to extremely bullish, this barrier could prove to be pivotal. Any sustainable breakout over 25.50 could quickly propel Solana towards the 27.00 level, followed by the 27.50 mark.
On the Downside the pair’s prior intraday supports are still valid. Initially, 23.80 provides reasonable support to the price. Meanwhile, price fell lower into the 23.50 mark yesterday, prompting a similarly strong reaction that brought price higher once again. These supports are expected to hold for the rest of the session; however, if price falls below 23.50, it is likely to move into 23.20, where another short-term support can be observed perhaps resulting in a short-term recovery for the pair.
