1-Day Analysis:
Big Picture: The initial round of correction proved very brief. As price approached the support levels, a rapid and powerful reversal was observed, which is on path to wipe out the recent declines and lead to another rally higher. Bulls are going to encounter some stronger resistances as they move higher however their domination remains evident.
On the Upside price broke through all intraday resistances and did so with a massive volume spike. This shows that as bulls acquire momentum, breaking over resistances remains simpler for the time being. However, there is resistance between 59.80 to 60.50 for the session. Breaking through this resistance zone would get Solana back to its previous high of 63.80, with room for further upside potential into the 66.90 to 67.20 levels next.
On the Downside price has once again re-established a number of supports. The primary support level for the session is 58.10, followed by 57.25. The next intraday support level is at 56.20. If these levels are challenged, price is expected to find significant support from them, as dip buyers are likely to position themselves at these levels.
