SOL-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: Price attempted to break through the resistance zone yesterday, but overbought conditions made the rally unsustainable, resulting in a large wave of profit-taking. Having said that, taking Solana’s recent trend into account, bulls continue to have strong control and might make surprising moves all along. As a result, caution is advised at the support levels. Overall increased volatility is being expected.

On the Upside The initial resistance level is set at 59.20. Above that, there is intra-day congestion ranging from 60.80 to 62.50 levels. Price is expected to struggle through these resistances for the rest of the day. To counteract this rising pressure, Solana would need to establish its strength above 62.50 level.

On the Downside the price is approaching the intraday support level of 57.00. This level will provide the session’s primary assistance. Meanwhile, there are many more supports between 57.00 to 53.50 levels. Furthermore, the quicker EMAs are rapidly closing in on these levels further strengthening this supporting range for Solana. Price is likely to monitor forced short-coverings and potentially a few rounds of fresh buying between the levels of 57.00 to 53.50.