SOL-“Profit-Taking on Strength Advised”

2-Hour Analysis:

Big Picture: After a few choppy sessions, demand has once again surpassed supply in the short term. Solana has flipped a key resistance level and is poised to move higher as it eyes the 2-hourly EMA-200. The overall price is likely to remain under control, with profit-taking at each level.

On the Upside Solana’s next target is the 14.40 level. This level contains both dynamic and horizontal resistances, which are likely to give the price a hard time. Surpassing this will, however, ignite a stronger momentum, with the price likely to test 14.95-15.25 levels next. To open the above range of 15.60 to 18.90 levels, Solana must first sustain above the 15.60 level.

On the Downside at 13.85 to 13.65 levels, supports have been developed. Maintaining these levels will facilitate a stronger price squeeze to the upside. Loss of these supports, however, will re-expose Solana to the trendline-based supports between 13.30-13.40 levels. These supports are critical, and losing them can restrict this gradual recovery phase.