1-Day Analysis:
Big Picture:
As previously stated, Solana lost strength after testing the intra-day resistance thresholds. Initially, minimal profit-taking was observed, which eventually became aggressive, and price finished the session with a bearish engulfing pattern, erasing the prior bullish engulfing. Solana has recently experienced heightened volatility, with choppy price movement, as it faces substantial resistance above and immense supports below.
On the Upside once again, various intra-day resistances have been re-introduced to Solana. The initial resistance for the session is at 23.50, followed by 23.85. The next set of resistances will be seen between the levels of 24.05 to 24.20. These levels at 24.05 to 24.20 had been previously shielding Solana from falling lower. This range will now be a formidable barrier for Solana.
On the Downside Solana has reverted back to the EMA-50 support level after losing the 24.05 support level. The EMA is now at 23.10 points. Below the EMA-50, the EMA-200 level at 22.80 provides further support. This range of 23.10 to 22.80 will be crucial in the days to come. As sellers will try to break below these dynamic levels in order to cause additional downside for the price while bulls will look to protect this level in order to revive an upswing driven by fresh buying and short-coverings.
