1-Day Analysis:
Big Picture: Solana has so far been able to prevent any further profit-taking rounds. However, a Hanging-Man pattern has evolved, indicating exhaustion from bulls. If bulls fail to initiate a larger advance in the next few hours, there may be some fresh pressure arising, which may lead to another round of profit-taking targeted at testing the lower supports before any further rise.
On the Upside price is still above the level of 32.25, but any advances beyond this level are not sustainable. The session’s key intra-day resistance is at 33.25, followed by 34.00. Previously price nearly took resistance from this level. Above these levels, the next resistance levels are at 34.50 and 35.50.On the Downside the prior resistance level of 32.25 is currently the first line of support. This support level is currently fragile and vulnerable towards further decline. Any pressure accumulation below 32.25 would expose Solana towards the lower 31.55 levels, with room for a drop towards the next levels of 30.10 to 29.30.
