SOL-“Profit-Taking on Strength Advised”


4-Hour Analysis:

Big Picture: A corrective wave has been spotted on Solana during the previous few days, however despite the corrective attempts the daily candles showed heavy buying pressure, as price fell below each time. Price has been witnessing longer lower wicks on daily candles, indicating that selling pressure is being overcome by buying pressure below. Furthermore, a back to back lookalike of a spinning top has been established, which might provide bulls an advantage in the next sessions.

On the Upside price has returned to the 72.80 barrier level, where it may face some short-term pressure. Meanwhile, if the current momentum continues, bulls have a good possibility of breaking through this level and moving higher, with next objectives of 75.80, 78, and 80 in the next hours and sessions.        

On the Downside 70.30 and 68.20 have reclaimed their positions as main support levels. If price re-tests these supports in the next hours and Solana is able to maintain them, price may see another substantial extension to the upside. Meanwhile, 68.20 will be critical since any drop below this level would halt the momentum development.