SOL-“Promising Return by the Bulls”

1-Day Analysis:

Big Picture: Solana fell below the EMA-200 level the previous week, but the weakness was short-lived as buyers were able to reverse the pressure and retake the crucial level. Apart from an outlier manipulating candle, the overall set of candles was dominated by Dojis. If Solana maintains its current strength, it has the ability to form a bullish checkmate pattern. This would allow the price to rise in the coming days.

On the Upside a significant round of gains was tracked as the price gained strength over the 22.60 mark. Solana is poised to test a critical resistance level at 23.20. If bulls can maintain a sustained strength above this level, Solana could initiate an explosive move higher back into the 23.80 level, followed by the 24.25 level.

On the Downside the previously lost supports have been restored. The intra-day support range has been redeveloped between 22.60 to 22.30. The EMA-200 presence is at 21.90, which is below this supporting range. If Solana closes well today, the EMA-200 will be an even stronger support going ahead. The session’s main support level remains the EMA-200 level.