SOL-“Profit-Taking on Strength Advised”

4-Hour Analysis:

Big Picture: In earlier reports, it was stated that Solana was regaining momentum, leading price towards higher resistances. Furthermore, it was stated that if Solana maintains the range lows, it would most certainly re-test the 22.15 level possibly the mid-levels as well. Solana has corrected nearly 20% since breaking the falling wedge formation and is now challenging the 50% Fibonacci retracement. It could still rise further, but aggressive profit-taking on strengths is advised.

On the Upside Solana stayed under strength throughout the weekend and set sights on the 22.15 level. This level closely corresponds with Solana’s 50% retracement, which has resulted in intraday profit-taking. If buyers maintain their strength and breach the 22.15 level, they are likely to target the mid-levels around 23.40, which almost corresponds with the 61.8% Fibonacci retracements. If challenged, expect extremely aggressive profit-taking at this level.

On the Downside the newly regained ranges of 21.20 to 21.30 are being re-visited again. These levels are likely to serve as the session’s primary supportive levels. While below these levels, the dynamic EMA-50 and EMA-200, which are at 21.00 and 20.80, respectively, will be the next supports.