SOL-“Play the Levels”

2-Hour Analysis:

Big Picture: Profit-taking has become considerably more aggressive as buyers have been unable to break over the 26.50 resistance level. Furthermore, after a few weeks of bullish momentum, a healthy corrective phase remains a viable option. Profit-taking is predicted to accelerate once the price breaks below the range lows of 22.20. However, price is expected to continue providing moves on both sides as long as current range between 22.20 and 26.50 holds.

On the Upside in the case of a price surge, Solana is likely to face an initial barrier at 23.0 to 23.20 levels. Breaking through these intra-day resistances is expected to send price higher, aiming for the next resistance at 23.65, which also serves as a trendline-based resistance. Solana must maintain a stronghold above this level in order to re-target the 24.26 level.

On the Downside price is beginning to overwhelm the range low support levels. However, these supports at 22.55 to 22.15 are still holding up, but are under pressure. With persistent pressure, they may weaken and be broken. The longer they hold, the more likely a push back into higher levels; but, if it is broken, anticipate price to fall deeper into the 20.60 to 20.30 range.