SOL-“Profit-Taking Remains Possible”

1-Day Analysis:

Big Picture: soon as price recaptured the EMA-50 and broke through the trendline resistances, the bulls lifted gears. Buyers were aggressive once again, easily breaching intraday levels along the way. Solana has risen by over 20% in just a few sessions since the breakthrough. For the first time since July, the daily-based Relative Strength Index has reached oversold territory, indicating bulls’ aggressiveness. Going forward, profit-taking is now encouraged as price sees any additional strength.

On the Upside Solana has broken through a couple barriers in the previous few days. However, for the session, the initial resistance is now around 24.80, followed by 25.55. As long as Solana maintains strength above the 23.40 level, the outlook remains bullish, and price may aim for the 61.8% Fibonacci retracement levels.

On the Downside the session is now receiving early support at 24.00 to 23.95 levels. Aside from this, Solana experiences strong support at the 23.40 level, which is the midpoint of the current range. Unless the price breaks through this support level, no aggressive profit-taking is expected. To prolong the corrective downturn, sellers must first breach below 23.40, and if they do, Solana could re-test the intra-day supports around 22.40 to 21.95 levels.