SOL-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: Solana has been quite optimistic in recent sessions. Since pushing past the EMA-200 threshold, it has met nearly all major objectives. However, in previous reports, it was stated that Solana’s oscillating indicators were much oversold, making upside unsustainable for the time being. Despite a few attempts, Solana remained under heavy profit-taking pressure on strength during the weekend. Unless conditions cool-down, price could stay under profit-taking control for the next few hours to sessions.

On the Upside intraday resistance for Solana is firstly between 28.80 to 29.05 levels. Price has failed to breach these levels in the past three attempts. However, beyond this level, the next intra-day resistances for Solana are at 30.20 and 32.25. Furthermore, Solana’s relative strength index has surpassed the 80 mark for the first time since January.

On the Downside Solana’s immediate support level is the 61.8% fibonachhi retracement level. Despite severe profit-taking circumstances, Solana has held this support level for the previous four sessions. However, losing this support pushes Solana down into the 26.05 to 25.95 range. This is also a strong supporting zone, thus short-coverings may be monitored here.