1-Day Analysis:
Big Picture: Solana might shape up its ascent higher towards the channel trendline if bulls maintain their dominance. Bulls have been able to nullify any major developments for profit-taking and have been solidly retaining their position up until now. Price is anticipated to channel higher before bulls take a rest. However, active risk management remains advised.
On the Upside Solana was able to keep the strength over 32.25, resulting in another powerful rise upward. Price fell just short of hitting the level of 34.40 as intraday profit-taking began a bit earlier at higher levels. Solana is now actively seeing higher profit-taking rounds whenever strength is observed. This suggests that bulls see upside as an opportunity to book gains.
On the Downside 32.25 will provide limited assistance for the session. If price falls below this level again, it may drive some heavier profit-taking rounds, dragging price down initially towards the 31.55 level, with room for much steeper pullback towards the 30.10 to 29.30 levels.
