1-Day Analysis:
Big Picture: Solana’s continued with strong price surge, and it has retested the prior range low levels. Solana will face all-out resistance at this point. Price is expected to confront obstacles in this range; nevertheless, re-acceptance over this level would re-energize Solana’s aggressive bullishness towards the 61.8% retracement levels. Price is now at big resistances, thus caution is suggested until price regains acceptability in the prior range.
On the Upside Solana completed the AB=CD pattern objectives at 19.80. Furthermore, it jumped even further and came almost close to hitting the 20.20 barrier, but entered intraday profit-taking and fell just short. Solana now faces numerous resistances ranging from 19.80 to 20.20. Furthermore, the falling trendline resistance in between this range will be critical.
On the Downside the levels of 19.20 to 18.90 are now expected to function as support levels. Between this zone, price has initial protection. The next support level can be found at 18.20 levels, where the horizontal and EMA-50 levels combine to form a support level. Solana’s outlook remains favorable as long as it maintains the dynamic EMA-50 level.
