1-Day Analysis:
Big Picture: Yesterday’s intra-day gain in Solana failed to hold around the 61.8% retracement level. Had price sustained the move, aiming for the recent highs could have been on cards. However, this rejection has now handed sellers a short-term advantage as they attempt to initiate a deeper corrective phase for the pair. Though Solana has many supports below, this will draw new demand inflows, making it challenging for sellers as well. As a result, volatility may stay high throughout the session.
On the Upside Solana now has a number of intra-day resistances. The initial resistance level is sitting at 25.55. Surpassing this would take price towards the 26.25 level, followed by 26.80 to 27.05 levels. This is where the price has been under pressure. If these levels are re-tested, intra-day profit-taking is still possible. For a sustainable upside, this level must be converted back into a firm support.
On the Downside Solana has horizontal and dynamic support levels ranging from 25.15 to 25.00. Holding this zone could push for a probable double bottom formation, which would help to reduce selling pressure. However, if this zone breaks down, Solana is projected to go further lower towards 24.60, 24.10, and even towards 23.35.
