SOL-“Momentum is Strong”

3-Day Analysis:

Big Picture: Solana’s relative strength index has reached its highest level since mid-September 2021, indicating the bulls’ extreme momentum. The month of October saw 85% gains, the second highest for the year 2023. Bulls maintain their domination and appear to be in pole position to continue their advance; in the meantime, some corrective cycle remains a possibility as well but requires some severe rejection above.

On the Upside the session’s opening resistance will be 44.70 once more. Meanwhile, the next significant resistance zone lies between 47.40 and 49.65. Strong profit-taking cannot be ruled out between these levels, which may create space for a corrective move. Strength over 50.00, on the other hand, propels Solana higher into 57.00 and potentially 59.30 levels.

On the Downside there will be some support between the psychological levels of 41 and 40.00. Solana has created support points after a powerful push higher, but has hardly re-tested any of these supports. As a result, caution is suggested around the support levels. However, the next support below 40.00 is at 38.80 and 38.00.