SOL-“Profit-Taking on Strength Advised”

4-Hour Analysis:

Big Picture: Previously, after losing the range lows, Solana experienced significant selling, which went on to fill the unfilled inefficiency. Price after deviating below the daily support level has reversed in a strong manner.   This powerful bounce was mostly caused by aggressive short-coverings; but, if price reclaims the previously range low levels and begins to show aggressiveness above it, another impulsive upward might follow.

On the Upside during the weekend, there was a massive recovery. Nonetheless, the price has returned to a critical threshold. This was once the range bottom support, but it is now expected to be a significant barrier for Solana. Until there is a clear break above this level, the upside is likely done. Solana must break out above this level in order to open upward goals in the 22.05 – 22.15 zone.

On the Downside many intra-day supports have emerged. The first support level of 19.10 is being monitored. Below this level, the next level of support is at 18.65 to 18.40. This region could provide great assistance to Solana throughout the session. But, if the price falls below this level, it will re-expose the 17.80 level and probably the 17.40 daily support level.