SOL-“Profit-Taking Advised on Strength”

4-Hour Analysis:

Big Picture: Solana continues to make advances towards the mid-range. This is an important level for Solana as the stronghold above it increases the upside towards the range top. Furthermore, Sol is still fighting to channel RSI into an extremely bullish domain, however as the RSI cycle remains between 0-70, shows symptoms of pressure. Moreover, this suggests that Solana is presently in a corrective cycle rather than a short-term bullish trend.

On the Upside the price is reaching the 47.85 mark. This level is presently the price’s set target zone. Intraday profit-taking remains likely as price tests this level. However, in order to enter the next range between 47.85 and 61.20, price needs to achieve back-to-back daily closings above 47.85.

On the Downside 42.60 is anticipated to become an intraday support for the price. The next intraday supports are around 40.40 and 39.80. However, substantial support for the session is observed between 37.70 and 37.40.