SOL-“Volatility Persists”

1-Day Analysis:

Big Picture: Solana is re-establishing a base support around the dynamic support levels of EMA-200 and EMA-50. If price can sustain this range, another surge upward back into intraday resistance levels is not out of the question. Though the RSI indicator remains weak, if price can maintain its major supports, things can improve for the bulls once more.

On the Upside Solana is once again challenging the resistance levels of 23.40 to 23.60. If price can convert these resistances into supports, the outlook for the pair will improve. Strength over these resistances would allow for an initial squeeze higher into the 24.05 to 24.15 levels, with room for a re-test of the 25.15 to 25.50 levels.

On the Downside The support levels remain intact in the form of dynamic supports. These supports are still functional between 22.55 and 22.70 levels. Solana is safe for the time being as long as these supports hold. Breakdown below these supports is still required for sellers to execute further pressure.