1-Day Analysis:
Big Picture: Solana’s aggression continues as price sees another strong day from the bulls. Price is now just a few points away from the Range Top Resistance level. A level that previously triggered the pair’s significant sell-off. It has taken nearly a year for the price to return towards this level. Price is expected to see some additional profit-taking around these levels, resulting in higher volatility.
On the other hand, any sustained hold above the range top might trigger another powerful breakout, sending price on a vertical climb higher.On the Upside Solana is now attempting to break through the trendline resistance. This trendline has been in place for a few months and could put some pressure around it again. As a result, caution is suggested for the day; nevertheless, successfully breaching it takes Solana towards the important level of 38.80..
On the Downside Solana’s activity of setting up supports continues. Following yesterday’s upward move, price sees even more new support introduction. Solana now has intra-day supports around 35.80, 35.20, and 34.50. These are the levels that would cause some strong short-coverings and maybe attract the interest of fresh buyers as well.
