1-Day Analysis:
Big Picture:
Since re-testing the major dynamic levels, Solana has reversed by about 10-12% in a few trading sessions. Solana had another great day yesterday, with price forming a bullish engulfing candlestick pattern, cancelling out any previous weakness. However the strength has diminished once again as the price reaches intraday resistance levels. For the moment, Solana may encounter some profit-taking pressure around these resistances.
On the Upside in the early hours of the session, Solana tested intra-day resistances ranging from 25.15 to 25.50. However, after testing this area, the price has been under some profit-taking pressure as a spinning top candlestick pattern is currently being examined. This shows that buyers had trouble breaking through the resistance zones. If Solana manages to break over these levels, the bulls will be in for a new wave of excitement.
On the Downside a fresh support has developed at the 24.80 level. Below this support, Solana once again has supports between the levels of 24.20 and 24.00, which previously restrained Solana’s downside and drove the ongoing strength. These supports remain in effect for the session, and Solana’s any re-test into the dynamic supports is secure as long as these supports hold.
