SOL-“Profit-Taking Remains Possible”

1-Day Analysis:

Big Picture: Solana these days holds the parameters to strength or weakness in the market. Solana has been a front-runner in recent weeks. Bulls that have recently been dominant have been able to overcome another resistance level and ascend much higher. Meanwhile, Solana’s daily Relative Strength Index readings are approaching the level from where price normally begins to monitor some profit-taking, so caution is still suggested around these levels.

On the Upside Solana is only a few levels away from putting its Range-Resistance to the test. This was the point at which the previous significant sell-off began. Price would return to this level after nearly a year. However, the opening resistances for the session are at 32.25, followed by 34.40 and 35.20. Passing 35.20 triggers the Range-Resistance.

On the Downside following yesterday’s session, a few new supports were added. A fresh level of support has been added at 31.15, followed by 30.60. Overall, the trend is strong, but some weakness on lower-time frames suggests that Solana may have a correction if it loses any significant support or tests any critical barrier above. As a result, take a profit-taking posture on strength. Meanwhile, the next supports below 30.60 are at 30.00 and 29.50.