SOL-“Profit-Taking Remains Possible”

1-Day Analysis:

Big Picture: The trend is still dominated by bulls, as they were able to push the price up to its highest candle closing since November of last year. Over the weekend, Solana was able to generate significant bullish volumes, indicating that buyers have been rather active. The pair is now about to face hurdles that might cause some intraday slowness in the immediate term. Risk management is therefore suggested for the day.

On the Upside couple of quick intra-day resistances above for the price at 30.20 followed by 32.25. Given the price’s recent appreciation, some profit-taking is likely to occur at these levels. Bulls are anticipated to see another powerful upward impulse with targets of 34.40 and 35.20 if they can successfully withstand these rounds of profit-taking and keep the price above 32.25.

On the Downside at 29.50 level, Solana has decent support. Additionally, price is exhibiting some bearish divergence on lower time frames, which may lead to some significant rounds of profit-taking if price breaks through the support level of 29.50. If Solana breaks below 29.50, the decline could move into 28.80 and 28.20. Owing to Solana’s strong momentum, dip buyers could very well position themselves on support levels.