SOL-“Strong Supports Below”

2-Hour Analysis:

Big Picture: Solana bulls were unable to captivate on the given opportunity. As a result bears wasted no time and took down the support levels. However, Sol is now closings towards lower support levels. Sellers are advised to start partial profit-taking.

On Upside, Sol has created plenty of new intraday resistances. The first point of resistance is at 44.90, followed by 45.85. Above this, there is another wave of resistance at 47.85, followed by a significant resistance in the 50.05-51 area. Sol must regain 53 and ignite a breakthrough above 58.80 to counteract this pressure.

On the Downside the initial support level is 44.30. Following that we have next support level are at 42.20. This level could provide extremely strong support. However, there are several other strong supports at 40.40 and 37.40. These levels of support are likely to attract potential buyers and negate any additional losses.