SOL-“Profit-Taking on Range-Highs; Expected”

1-Day Analysis:

Big Picture: Solana has been so powerful in recent weeks that despite complex divergence on the lower time frame, price has always overcome this weakness and succeeded in hitting higher levels time after time. Solana’s prior Golden-Cross formation was only a ploy, but the same structure is now paying off for the bulls.

On the Upside Solana tested the resistance level at 35.20, the highest level since November 2022. There was some profit-taking as price challenged this level, but the bulls’ dominance suggests that price might climb further into the range-top level of 38.80 if price starts to persist above the 35.20 to 35.50 levels. Solana coming close to the range-top could push for stronger rounds of profit-taking hence risk management around those levels is strictly advised.

On the Downside Solana’s support base continues to grow. For the session, there are fresh supports at 33.88, followed by 33.50. These are the primary support levels for the session; holding them would benefit Solana in maintaining its strength; however, lose these supports and price could see some stronger rounds of profit-taking, initially dragging Solana back into 32.25 levels; however, a major corrective cycle only initiates after breaking the 32.25 level.