1-Day Analysis:
Big Picture: Solana advanced further after breaking over the trendline resistance. Over the weekend, the price nearly climbed by 12% before reaching the major resistance level from EMA-200. The EMA level was identified as a price target for Solana after breakout. This EMA has remained unbroken for almost 450 trade sessions since April 2022. Continue to be cautious around these levels unless there is a clear break above it.
On the Upside Solana faces little resistance at 21.30 level. Above this, the key barrier in the form of the EMA-200 level remains. The EMA is currently standing at 22.15. This level will continue to be an important point for Solana and its next approach. Making this level a support will be a major milestone for the bulls, who will then likely surge for recent highs and the 61.8% retracement level.
On the Downside the breakout region is likely to be re-tested. Taking support from these levels will strengthen the bullish view even further. However, failure to hold the breakthrough region could result in significant profit-taking, pushing Solana down towards lower levels around 18.80 and 17.70. Furthermore, the EMA-50 at 18.85 has significance for the time being.
