SOL – “Ranged-Bound”

1-Day Analysis:

Big Picture: Solana was incredibly dull throughout the session, making no significant moves. It is currently operating in a no-land man’s with no clear direction. To advance higher Solana must maintain a stronghold above the mid-level. While any deviation from those levels can trigger a larger round of profit-taking, exposing it to intraday supports.

On the Upside Solana is currently encountering significant resistance from the 14.50-14.80 level. In recent days, price has been unable to break through this level. Clearing this resistance will allow the price to re-test the 15.65 level, which must be reclaimed for the price to continue upwards towards 16.20, then 16.60, and possibly 18.40-19.20 if the squeeze continues.

On the Downside the intra-day support at 14.05 is currently standing firm. Below this, intra-day support is starting to form nicely at 13.70-13.40. The major supports for the session remain at 12.50 to 12.10 levels. These supports have enough demand right now to withstand some selling pressures.