1-Day Analysis:
Big Picture:
Solana has been gently correcting following its dramatic rise from 13.00 to 32.00 levels. During the consolidation, it additionally embraced a Golden-cross formation for the first time, and its present structure has many parallels to that of January 2021, when the major bullish cycle for Solana began. A difficult level at 25.50 looms ahead for Solana, breaking which might spark a round of excitement for the pair.
On the Upside the challenging resistances between 25.15 and 25.50 levels remain in place. If Solana develops a firm hold above these resistances, a significant round of upside may occur, with price initially targeting the Fibonacci resistance with space for further upside in the 28.80 to 29.20 range. Strength over 25.50 remains critical for Solana’s ascent.
On the Downside the support levels of 24.20 to 24.00 have effectively resisted selling and forced a turnaround. These supports have been preventing sellers from making strong attacks for some time, and as long as these supports hold, a test back into the EMAs appears unlikely. While the EMA’s will be major challenge for sellers to break past.
