SOL-“Short-Term Resistances Ahead”

1-Day Analysis:Big Picture: Bulls have been able to defend the key dynamic support levels, but they have been unable to initiate any aggressive advance beyond the intra-day resistance level. On lower time frames, recent pressure is beginning to build a double top formation, which might lead to some fresh pressure. If buyers are to counteract this development, the consolidation must be broken quickly and bulls should once again lead the charge.

On the Upside the resistance levels of 25.15 to 25.50 are shaping up to be very powerful. Despite recent strong momentum, bulls have yet to break through this resistance zone. A brief period of consolidation would have favored the bulls, but consolidation below the barrier is becoming heavier by the hour. For Solana to continue on towards the Fibonacci resistance, this challenging region at 25.50 must be broken as quickly is possible.

On the Downside the first supports for the session continue at 24.20 to 24.00 levels. As long as this immediate support zone remains, the dynamic supports of EMA 200 and 50 are secure. However, losing this zone would expose price back into the dynamic levels that had previously done well in suppressing a fall and may very well do so again.