SOL-“Price Could Remain Range-Bound”

1-Day Analysis:

Big Picture: Solana begins to get significant interest as soon as the price hits a supportive zone. The previous three daily candles on Solana have all printed a long lower wick, indicating that demand for lower levels have increased. Furthermore, Solana continues to experience significant intra-day jumps along the road, indicating that the bulls continue to have the upper hand despite continuous profit-taking and consolidation.

On the Upside in the intra-day session, yesterday’s price spike took out both the levels of 43.20 and 44.70. Although price was unable to conclude the session above both levels, however, the strength above 42.50 will maintain bulls in a comfortable position, even if only in the near term. Price could retest 43.20 and 44.70 once again. However, over 44.70, Solana’s next targets would be the intra-day resistance zone above.

On the Downside there has been a few new addition to the levels of supports. The key support for the session is at 42.50, followed by 41.80 and 41.10 levels. All of them are good intra-day supports with the potential to produce some good intra-day rises. Meanwhile, the session’s key supports are at 42.50 and 39.80.