SOL-“Play the Levels”

2-Hour Analysis:

Big Picture: Solana has maintained its strength, but it has been unable to break past the immediate resistance zone. If buyers can break through the immediate barrier and keep the price above it, further expansion into higher resistance levels is expected. Having said that, Price has now been rejected twice off the levels above; until the range breaks, a fall back into lower supports remain possible.

On the Upside the immediate resistance remains strong, but it has now been increased between 16.05 and 16.20 levels. Solana’s second effort to break above this level was unsuccessful, leading in moderate profit-taking. Price is still not displaying any major signs of aggressive profit-taking, which is a good indication. For this trend to continue, buyers should quickly drive price over the immediate resistance zone. If successful, the upper range at 17.40 to 17.60 level will be accessible. However, there will be intra-day resistances between 16.40 and 16.80 levels.

On the Downside the 2-hourly EMA-50 level is providing significant support to Solana. Any aggressive profit-taking situation will be improbable as long as the price remains above the EMA. The EMA is now at 15.60. The next supports below this EMA are at 15.40 and 14.95.