SOL-“Price Could Get Ranged-Bound”

1-Day Analysis:

Big Picture: Solana finally sees some heavy profit-taking after four solid sessions. Overheated circumstances have played a critical part in restricting the pair’s strength and pushing some lower support retests. Moving forward, volatility may increase as dip buyers seek to position on supports and others seek aggressive profit-taking on any given strength.

On the Upside the primary resistance for the session is between 39.80 and 40.05. These levels will be challenging during the rest of the day. However, above this resistance range, the next resistances are at 41.10, 42.50, and 44.70 levels. Price will seek for profit-taking as it reaches these levels.

On the Downside Solana is receiving strong support from levels of 38.80 and 38.00. Over the previous few hours, these levels have kept prices from falling further and have pushed for some intraday short-coverings. Meanwhile, breaking these supports will move price into the next supportive zone, which is positioned between 36.50 and 35.80 levels.