SOL-“Proceed with Caution”

2-Hour Analysis:

Big Picture: Despite a few intra-day rejections, buyers won the contest, pushing Solana onto another expansion phase aimed at higher levels. For Solana, the momentum appears to be solid, yet profit-taking on strength is now encouraged. Major resistances are now expected to come into action over a higher time-frames.

On the Upside Solana is seeing resistance at 17.00 and 17.05 levels. This level is establishing itself as the session’s initial resistance. A push over this level takes Solana into the 2-hour supply zone, where strong resistance awaits. Expect some heavy rounds of profit-taking at these levels before any additional upward squeeze.

On the Downside The price has recaptured the dynamic 2-hourly EMA-200. This level is now providing initial support for the price at 16.70. The breakout levels of 16.20 to 16.05 would be the next support region for Solana below this. Holding this zone would shield the price against any major waves of profit-taking. Moreover, the EMA-50 level also coincides with support range.