SOL-“Volatility Could Remain High”

1-Day Analysis:

Big Picture: Sellers were able show some partial presence after various strong sessions over the past several days. The volume yesterday were the greatest since mid-July. This indicates that some nervous profit-taking may have occurred at the highs, but that selling was equally offset by buyers waiting for the decline. Solana has begun the day strongly once more, and bulls must maintain their momentum to avoid a deeper correction phase.

On the Upside Solana is attempting to break over the resistance level of 32.25 for the third time. This is proving to be a barrier for the bulls, and in order for the bulls to maintain momentum and go for higher resistances, they must break through this barrier swiftly. Only then would price be able to target 34.40, followed by 35.20.

On the Downside the levels of support are almost unchanged. There has been just one increase to intra-day supports, at 31.55. Below this, the next wave of supports is identical to the prior ones, at 31.15 and 30.60. Meanwhile, Solana’s aggressive profit-taking reached 29.50, prompting a strong reaction that brought the price back up towards the recent highs.