SOL-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: Solana gained control over the 24.90 resistance level, but that strength was short-lived, and price quickly went down below it. The pair’s sideways consolidation is still in place. This consolidation has yet to take the form of a distribution or re-accumulation pattern. In the event of distribution, the price is predicted to fall and re-test major breakout levels, while if this is a re-accumulation phase, then price is expected to rise higher and, most important, re-test the EMA-200.

On the Upside the initial resistance level of 24.90 stays unchanged. Acceptance over this level must be built in order for the price to move progressively towards the upside. Surpassing the 24.90 level will take the price to 25.80, and then towards the 26.60 level. At this level, expect some profit-taking; but, if strength continues, Solana could rise higher towards the 27.80 range. 

On the Downside the 24.20 level offers decent intraday support for Solana. This level protected the price from additional selling yesterday and continues to provide sufficient support. This horizontal support level also corresponds with the 4-hourly EMA-50 support level. Below this, the next level of support is at 23.55, followed by 22.50.