1-Day Analysis:Big Picture: In the previous session, Solana closed with a hammer. The hammer candlestick was placed just across the most recent low of 22.75. The formation of a reversal pattern around critical supports indicates the strength of such formations, although confirmation is still pending. Solana could confirm the double bottom pattern further if bulls can push price over the 25.50 mark.
On the Upside the session’s initial resistance remains effective at the 24.05 level. Above this level, the next resistance levels are at 24.25 and 24.70. Acceptance of the price over 24.70 would allow a test of the 25.50 level, which is a major breakout milestone for Solana. Establishing a foothold above 25.50 initiates a double bottom pattern, with objectives of 27.00 followed by 28.90 to 29.05 levels.
On the Downside as an initial support level, the previously acquired level 23.60 will be evaluated. If this level holds, another surge higher is possible; but, if price fails to take support at this level, it will only trigger another wave of profit-taking, pushing price lower towards the 23.20 level and perhaps re-exposing the earlier lows of 22.85 to 22.75 levels.
