SOL – “Major Supports Stepping In”

1-Day Analysis:

Big Picture: Solana tested lower support levels, triggering panic short-coverings that quickly drove price higher. This region was highlighted as a strong base for Solana that would be difficult to break on first attempts. However, the current upward push is due to short-covering rather than new buying. As a result, any profit potential should be capitalized on. Solana may require additional sessions before confirming strong base support.

On the Upside to ignite further upside, Solana must flip the 18.50 level. Unless that happens, the upside will be limited; however, strength above 18.50 can lead to 19.80, then 21.05, and ultimately 23.

On the Downside several intra-day supports are being established. Initial supports are expected to be seen at 16.20-15.50 levels. Holding onto these supports will reduce the amount of selling pressure that has been present in recent sessions. If these supports are breached, Solana may once again dip towards lower supports before reacting.