SOL-“Proceed with Caution”

2-Hour Analysis:

Big Picture: Solana began a profit-taking phase after testing the 2-hourly supply range, causing the price to fall near intra-day supports. Going forward, price might re-test the supply area in the upcoming hours, while a breakthrough would be required for Solana to maintain its momentum. Failure is likely to hold prices in a consolidation period or to lead to heavier rounds of profit-taking.

On the Upside intra-day resistance has been re-established between 16.95 and 17.05. Surpassing the area would push Solana back towards the 2-hourly supply zone between 17.30 and 17.60 levels. Breaking through this zone remains critical for price to continue higher, but Solana confronts even more challenging resistances above.

On the Downside Solana’s profit-taking pressure was kept back by the dynamic EMA-50 level. Price has once again reacted nicely to this EMA. Solana has been favorably responding to this EMA since regaining it a few days ago, as both continue to go upward. If sellers want a stronger wave of profit-taking, they must break this support level for any lower re-tests of support. The next support level for the session is at 16.20 to 16.05 region.