1-Day Analysis:
Big Picture: Against all circumstances, sellers succeeded in restricting any immediate bullish movement for Solana and pushed for re-test of the EMA-200 and EMA-50 levels. Solana is getting closer to a daily Golden-Cross formation, which will be the pair’s first of its kind in the coming sessions. This would be a great catalyst for the bulls to capitalize on. Sellers, on the other hand, would need to move fast and aggressively to push prices down in order to further delay the development of this formation.
On the Upside for Solana, a handful of intraday resistances have been re-added. The initial resistance emerges at 23.60, followed by 24.05. To lead a push higher towards the 24.70 level, Solana would need to achieve back-to-back closings above the 24.05 level on lower time frames. Solana, on the other hand, if it moves over the 25.50 mark, it will complete a double bottom pattern, allowing for a bullish resurgence aiming for the Fibonacci levels and potentially much higher.
On the Downside Solana is taking solid supports at 22.90 and 22.75. In prior sessions, this was a recent low. Furthermore, there are still significant supports for Solana between 22.60 and 22.40. Multiple important dynamic supports combine between this range, and the recent on-going rallies’ Fibonacci support of 50% is also present. This makes this zone a strong support region for Solana and an equally critical range to retain.
