SOL – “Profit-Taking Levels Above”

12-Hour Analysis:

Big Picture: Solana has been relatively stable after establishing a deviation below the key intra-day supports. It has established a sound trend that has been ongoing for the last for a few sessions. Furthermore, it has gained even more strength since retaking EMA-100. However, the price is about to test a few key levels, which could prompt intraday profit-taking if not proper selling. As a result, risk management is advised, and fresh position openings should be avoided.

On the Upside the price is about to retest the 34.40-34.60 area. This region has long been a source of resistance. For the past 45 trading sessions, price has been unable to break above this level. This demonstrates how strong the above resistance level is. The buyers will face a significant challenge here. The next resistance levels above this level are at 35.20 and 37.40.

On the Downside the EMA-100 will provide initial support at 32.10. After several months, this level has been restored. Holding this support will favor the short-term bulls, but losing it will expose Solana back towards 30.50, followed by major intra-day supports at 29.98-28.90 levels.