SOL-“Profit-Taking Advised”

1-Day Analysis:

Big Picture: Solana’s price has climbed by 70% in only a few weeks after sustaining above the mid-range. The bulls have made a hyper move and have been able to sustain it. Price has now hit the highest level since August 2022 and, more significantly, is at a critical juncture from where the advance might get further more vertical or shape up into a corrective phase. As a result, the session should be approached with caution.

On the Upside the price is testing the main mark of 38.80 and has climbed slightly over it. Solana is just shy of the 40.00 psychological barrier. Above 40.00, the price is anticipated to see a hyper move, which will take Solana to 42.90, followed by 44.70.

On the Downside the initial support level is 38.80, followed by 38.00. The next round of support is at 36.80. If price re-tests these supports, there is a chance that it will recover from these levels and go back towards the range resistance. Late entrants and dip buyers could most likely position themselves near support levels.