SOL-“Price Could Remain Range-Bound”

1-Day Analysis:

Big Picture: Solana’s price action has not changed considerably. The consolidation range has held intact, preventing the pair from making any significant movements. However, Solana has observed a similar trend each time price seeks to trade around the lower levels. As the price falls, there is a sudden rush in demand, which has pushed the price back up before the session ends. This remains a positive thing for the price.

On the Upside the price moved closer to the 42.50 level once more. However, it stopped just short of testing that barrier and began profit-taking. Solana will go back into the aggressive mode when it begins to hold over 42.50. A strong hold above 42.50 will allow the price to rise towards 43.20, followed by 44.70.

On the Downside the 39.80 support level proved to be firm, resulting in a good intra-day surge. The primary support level for the session is 40.50, followed by 39.80. Solana is unlikely to fall further as long as 39.80 remains solid. Any weakness in this area, however, might expose price towards38.80, then 38.00 levels.