1-Day Analysis:
Big Picture: Solana is undergoing extensive re-testing. Price is presently challenging both the EMA-200 and EMA-50 significant dynamic levels. It was suggested in the last report that Solana was getting closer to a Golden-Cross formation and that if it was to be delayed any further, sellers should react quickly and break lower as soon as possible. Price is presently attempting to breach these support levels, but sellers will have significant challenges throughout the session. Failure to break lower might also result in heavy rounds of short-covering.
On the Upside Solana will see significant resistance at 23.05 and 23.15. Furthermore, if price reclaims above these resistances in the next few hours, the present decline will be considered a deviation. This would then accelerate Solana’s upside, with initial targets of 24.05, 24.25, and 24.70. However, for the upside to be considered, a holding over 23.15 remains important.
On the Downside both major EMAs are now being tested. Price has been able to withstand the tests thus far, but if bulls fail to appear, the level may be lost as well. Furthermore, there is still plenty of support below, but losing the EMA-200 will not be a good indication for the bulls. The EMA support levels are currently at 22.70 and 22.45.
