1-Day Analysis:Big Picture: Despite an impressive attempt, bulls were unable to lead an immediate continuation higher. The sellers against the odds were able to guard against higher levels. Having said that Solana’s drop lower in support has once again seen a strong uptick on volumes and interest from the buyers. This suggests that buyers are still under control and could still lead a move higher towards the resistances above. For Sellers to have any success breach of EMA-200 would be key.
On the Upside the initial resistance level is now at 24.75. Above this, there is a significant resurgence of intra-day resistances ranging from 25.15 to 25.55. This region will put bulls to the test. A dominance above here, on the other hand, extends the upside back into the Fibonacci levels of 27.00.
On the Downside the sellers initially overwhelmed the support levels of 24.40 to 24.30, but these supports responded and prevented price from persisting below these levels. These are now to continue as the session’s initial supports. Below these levels, the next level of intra-day support are at 23.50, followed by 23.25.