SOL-“Profit-Taking on Strength Advised”


4-Hour Analysis:

Big Picture: The bulls have returned with passion. Previous reports stated that Solana was seeing significant buying pressures on its lower dips. Furthermore, back-to-back bullish spinning tops indicated that the bulls would soon seize control, and they thoroughly capitalized on the provided chance. Solana is now approaching another higher milestone, but profit-taking on strength is still suggested as weekly resistances are set to be tested.

On the Upside the intraday resistance level is 78.80. Above 78.80, the next resistance is at 80.00 level, which is one of Solana’s initial weekly resistances. Surpassing 80.00 continues the rally into 81.20, followed by the 84.25 levels. However, the extremely overbought conditions could once again create a slingshot effect for the pair.

On the Downside the first support line for the day will be 77.20. Although some confirmations are required but this level has the potential to convert into decent supports. Meanwhile, Solana has left a number of liquidity points below in the shape of wickless candles, raising concerns about the ongoing rally. Below 77.20, the next important support level is 74.90, followed by 72.80.