SOL-“Profit-Taking Advised on Strength”

4-Hour Analysis:

Big Picture: Solana has been on a rising trend in recent trading sessions. It was near to the prior range mid-point level, but fell just short of a true test. It has met many intraday goals and may now initiate a round of profit-taking while testing lower support levels. However to keep it on track towards higher levels a stronghold above 47.85 is required.

On the Upside the crucial intraday resistance level is 47.40-47.85. This level is likely to be the transition between the next wave of upside. A successful recapture above 47.85 is expected to open up the next range, which will be between 47.85 and 61.20.

On the Downside multiple early intra-day support levels persist at 42.60 and 41.50. The next intraday supports are located at 40.40 and 39.80. However, there is strong support for the session between 37.70 and 37.40.