1-Day Analysis:
Big Picture: After testing the intra-day barriers, the price suffered some pressure as intra-day profit-taking commenced. Profit-taking on strength was mentioned as a possibility. Currently, profit-taking is at a low degree, and buyers are holding rather well. Solana, as long as it retains the range mid-levels, any deeper pullback remains of low probability.
On the Upside the resistance level is unchanged at 24.80. By breaking above this initial level, the price would be able to push higher towards the next intra-day obstacle at 25.55. Although both of these intra-day resistances are strong and price would have to break through them with strength. Solana is expected to open the resistance level of 26.95-27.00 if it surpasses the 25.55 level.
On the Downside the price has found solid support at the range-mid level of 23.40. Since testing this support, there has been a bounce. Any deeper pullbacks are unlikely as long as price holds this support; however, if sellers are able to overrun this level, Solana may dive towards the next intra-day support zone between 22.40 and 21.95. Furthermore, the daily-based EMA-200 is present within this range, increasing the range’s supporting strength.
