SOL-“Morning Star Pattern”

1-Day Analysis:Big Picture: After displaying a powerful morning star pattern, Solana failed to provide an instant continuation. As long as price maintains the pattern, the present consolidation will continue to favour the bulls. The pressure will only resurface if bulls lose their grasp or fail to propel price higher in the next hours and sessions.

On the Upside price has fallen back below the levels of 24.95 to 25.05. These levels can be enforced as resistance levels once again. Furthermore, the trendline resistance now coincides with these intra-day resistances, suggesting that a break above this level could trigger an upsurge higher. Above 25.05, the next level of resistance would be at 25.50, followed by the Fibonacci retracement level of 27.00.

On the Downside following the loss of the previous intra-day supports, the current levels of initial supports are at 24.40 to 24.30. These levels are offered protection from both horizontal and dynamic levels. Buyers are anticipated to hold on to these strong supports if the price re-tests this zone, even if just partially.