1-Day Analysis:
Big Picture: After driving up more than 20% in the previous several days, price has entered a consolidation zone and has remained very volatile inside it. Price must maintain the lower levels for bullish continuation, while sellers must breach the immediate supports for a further pullback. Unless and until that happens, the consolidation scenario is likely to persist.
On the Upside a couple of intraday resistances have created challenges for the price. The first intraday resistance level is at 23.80, followed by 24.40. However, the session’s significant resistances are set at 24.80 and 25.50. Solana may require more consolidation to gain enough strength to cross these levels.
On the Downside the mid-level has been holding during the daily time period, preventing price from sliding further. However, due to the existence of congestion above, this support is rapidly weakening, perhaps could pave the way for deeper pullbacks towards the intraday support below between 22.40 and 21.95. This range includes not only the horizontal levels, but also the dynamic levels and the 50% Fibonacci level.
