SOL-“Morning Star Pattern”

1-Day Analysis:

Big Picture: Bulls had a strong session yesterday. They overcame nearly all resistances and succeeded in breaching them. As previously stated, Solana has created a morning star pattern at a critical support level. This shows that bulls are not in the mood to give up their dominance just yet. If they are completely under control, another push should occur within the next couple of hours.

On the Upside the bulls overcame all of yesterday’s resistances. Furthermore, price is on verge of establishing the 24.95 to 25.05 levels as a support. If this occurs, the upside is likely to be extended considerably more. Partial profit-taking is still being observed at current levels, which are imposed by the trendline resistance from 25.40 to 25.55. Breaking through this level sends Solana towards the 27.00 Fibonacci retracement level. This is where aggressive profit-taking cannot be ruled out; nevertheless, sustained strength above this level could re-energize bulls.

On the Downside initial support is seen from 25.05 to 24.95 levels. The next supports are at 24.40 to 24.30 levels, where the horizontal and lower time-frame dynamic supports merge. Buyers are expected to retain these solid supports if price re-tests this region.