1-Day Analysis:
Big Picture: Solana yet again managed to close the session above 11.85 levels. It was mentioned if this was to happen a decent round of profit-taking would be seen. Solana is currently seeing strong short-coverings that has dragged the price out of danger zone and into the resistance zone. It still holds plenty of shorts that needs to be covered, however any upside should for now be used for offloading.
On the Upside Solana was able to close the session above 11.85 levels yet again. It was mentioned that if this happened, there would be a good round of profit-taking. Solana is currently experiencing strong short-covering, which has pushed the price out of the danger zone and into the resistance zone. It still has a lot of shorts that need to be covered, but any upside should be used for offloading for the time being.
On the Downside At 12.60-12.40, new supports have been developed. These supports are currently untested, but they have the potential to become useful in the future. Below them, the next support level is at 11.85, which is a daily support level that has been holding price against any session closing below it. 11.85 is still expected to function as a key level.
