1-Day Analysis:
Big Picture:
Solana has produced a significant rebound after building a solid base level, almost dragging price back towards the intra-day resistance. It was reported in the last session that if price continues to maintain the dynamic supports, a push back upward would be highly possible. Solana is currently strong, and it may get further aggressive if price begins to persist above intraday resistance levels.
On the Upside with each passing session, the Golden-Cross configuration gets closer. The EMA-50 is only a few points behind the EMA-200. A Golden Cross formation would add to the already existing positive developments. However, there is still substantial resistance from 25.15 to 25.50 levels throughout the session. Surpassing this resistance area will accelerate the upside towards 26.20, followed by the 27.00 mark, which is an important turning point for Solana.
On the Downside Solana gets a lot of backing for the session between 24.20 and 24.00 levels. This is a significant S/R level for the day, and price action above it favors a bullish view, while price action below it favors a deeper pullback. As long as these levels hold, further decline is unlikely; but, if these supports are overwhelmed, Solana may revert to the EMA supports.
