SOL-“Proceed with Caution”

2-Hour Analysis:

Big Picture: Solana has climbed more over 25% in just over a week since developing the bottom formation around the 14.20 level. Furthermore, this corrective phase is testing the 50% Fibonacci retracement level, and price is now becoming heavier as stronger resistances come into action. Strength should still be used for profit-taking.

On the Upside Solana will meet stiff pushback from the 2-hour supply zone. Resistance levels in this region range from 17.30 to 17.60. Failure to exceed this threshold will result in a price drop in the coming hours. However, strength above this resistance zone would allow for a further squeeze to the upside, with the next objective around 18.05, followed by 18.50.

On the Downside at 17.00 levels, there is a minor intraday support. The dynamic levels of EMA 50 and EMA-200 will provide greater supports for the session. These supports are present at 16.75 and 16.50 levels, respectively. These are crucial support levels for the session, since losing them exposes Solana towards the 16.20 to 16.05 support levels.