SOL – “Major Supports Below”

1-Day Analysis:

Big Picture: Solana in yesterday’s session once again tested the support region. Nor did it only tested it yesterday but experienced a strong positive reaction. Another positive development has been observed in the form of bullish divergence. If bulls take advantage of this opportunity, they can trigger a strong round of short-coverings, which will eventually push price higher.

On the Upside Solana must push prices above 14.80 for at least two consecutive candle closings. If this occurs, Solana will have the highest candle closing in the last two or more trading sessions. This can invite and ignite additional room for upside, with targets of 15.40, 16.20, and 16.60. In the event of a prolonged squeeze, Solana could reach 18.20.

On the Downside strong supports between 13.60 and 13.40. Yesterday, these supports halted the intraday sell-off. Expect these levels to continue to function as session support. However, the major support for Solana is found below this level, at 13.05-11.85. These supports have fueled aggressive short-coverings twice and have most likely hinted at renewed interest as well.