1-Day Analysis:
Big Picture: The massive volume penetration into the vital resistance above recently has absorbed much of the selling, allowing price to steadily climb higher. Having said that, this zone is still dominated by sellers, therefore active risk management is suggested around these levels. Price may see some exhaustion in the short term as significant levels approach.
On the Upside Yesterday, Solana broke beyond the 19.65 level and almost tested the 20.30 level. As price approached this level, the pressure proved too much for the bulls, causing some intra-day panic and driving price back down towards the 19.65 level. Price is currently seeking to breach the 20.30 resistance level once more. Even if price breaks through this horizontal barrier, the EMA-50 is expected to prevent additional aggressiveness, thus profit-taking on strength is recommended for the session. 20.30 to 20.80 will be a significant resistance range for the session.
On the Downside in next hours, Solana may re-test the 19.65 level. If this level is transformed into a support and holds price for the next several hours or sessions, the emerging congestion on the higher-levels is to exhaust. However, Solana still has considerable support between 19.30 to 19.20 levels, which are expected to preserve the price from any short-term selling’s.
