1-Day Analysis:
Big Picture: Bulls have been in a comfortable position since the inverted hammer formation and are pushing for the recovery, which has already completed 10% in less than a week. However, the recovery is nearing an important S/R level. Strength above this level will open the door to higher ranges for the pair, while strength below it will keep the pair under pressure in the short to medium term. Furthermore, traders should exercise caution if the price makes a hyper move in the opening session of the week.
On the Upside Solana is presently aiming at levels ranging from 19.65 to 20.30. Despite considerable momentum, bulls were unable to break through this barrier over the weekend. Bulls, on the other hand, are challenging this resistance level once more. If the pair successfully breaks through this zone, it will be able to progress towards the 21.10 level, with open levels all the way up to 23.15.
On the Downside a significant support is forming between the levels of 19.30 and 19.20. Keeping this region will be extremely beneficial for the bulls. Solana is expected to sustain his strong momentum as long as this level of support remains. If price fails to maintain this zone, momentum is predicted to derail once more, leading to some re-testing of supports before any more efforts for the bullish advance are undertaken. Below 19.20, the next support level is at 18.80.
