1-Day Analysis:
Big Picture: After failing to break over the 59.40 mark after three attempts, sellers may have been able to establish a short-term distribution range. Yesterday’s session saw significant profit-taking from the pair, which is mostly being driven by the severely overbought circumstances that have persisted for several weeks. For Solana, any short-term corrective phase that allows bulls to regroup and reenergize on lower levels would be favorable.
On the Upside Solana is facing intraday resistance around the 54.05 mark. Above this, the next major resistance levels will be around 55.50 and 56.20. Solana is expected to have some difficulties around these levels in the next days, but bullish momentum is likely to return as soon as price establishes a stronghold above the 56.20 mark.
On the Downside the initial support level is 52.50, followed by 52.20. Solana expects next supports at 51.30 and 51.15 levels below current levels. In the meanwhile, failing to halt the corrective cycle at these levels would expose the 38.20% Fibonacci retracement, which is located around 48.35. This is where a healthy recovery may be tracked.
