SOL-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: The horizontal levels were honored once again, resulting in price recovery. Solana, on the other hand, has substantial daily-based resistances above that have been largely restraining its upward momentum. Solana must break through these levels in order to continue its upward trend. Having said that, there is still potential for the coin to advance, but it will be more vulnerable to profit-taking situations given that there are several strong resistances as price rises higher.

On the Upside price is pushing the 24.90 resistance level once more. Acceptance over this level must be developed in order for prices to rise higher smoothly. Surpassing 24.90 level will take price towards 25.80, and then towards the 26.60 level. Expect some profit-taking at this level; however, if strength continues, Solana could move higher into the 27.80 area. However, 24.90 remains a major barrier for the time being.

On the Downside the session’s initial support will be observed at 24.20, followed by 23.55. The next intra-day supports are at the 22.50 level. These supports should protect Solana against any intraday selling pressures.