1-Day Analysis:Big Picture: For the previous several sessions, Solana has seen some well managed profit-taking take place. These rounds of managed profit-taking have partially cooled-down the indicators, offering ample space for any fresh move higher. Solana is holding well at higher levels, and if it holds well for the next few hours or sessions, another move higher cannot be ruled out.
On the Upside the price is re-testing the 61.8% Fibonacci retracement line. Strength back above this level allows for an upward move towards 28.80 to 29.05 levels first, with a break above these levels extending the upside further towards intra-day resistances around 30.10 to 32.25 levels. For the time being, Solana will continue to encounter profit-taking near intraday resistances.
On the Downside The Fibonacci retracement level around 27.05 is projected to re-establish as the session’s primary support. If this level fails to re-establish itself as support, Solana could possibly return towards the 26.25 level, followed by the 26.05 to 25.95 levels, where the next round of intra-day support are seen.
