SOL-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: Bulls made a huge breakthrough move after retaining their strength for several sessions. When Solana broke over the intraday barrier and the EMA-200 level, a massive surge was noticed, aiming for the 61.8% retracement level highlighted in previous reports. Solana is fiercely bullish for the time being, but its oversold conditions could spark a massive profit-taking event. Hence profit-taking remains recommended now.

On the Upside Solana is presently aiming towards the Range Resistance levels of 38.80. Before the price reaches the key goals, there are still intra-day resistances that might cause intra-day profit-taking. The session’s first resistance is between 29.90 and 30.10. Surpassing this would push the price to its recent highs of 33.00. Above 33.00, the next resistance is at 34.90, followed by 36.20.

On the Downside the newly reclaimed Fibonacci level of 61.8% is anticipated to be the session’s initial support. This support is observed at 26.95-27.05. Any strong profit-taking below this support level could send Solana lower down towards the levels of 26.05 to 25.95. The quicker trailing EMAs on lower time frames will be witnessed here, partially preventing any possible fall.