Solana (SOL) trades around $121.66, holding steady despite recent market volatility. Across daily, weekly, and 4-hour charts, the price action suggests consolidation with the potential for a breakout. Here’s a streamlined analysis of SOL’s technical setup.
Daily Chart: Coiling for a Move
On the daily timeframe, SOL is consolidating within a tight range.
- Support Levels:
- $120.00: Psychological and technical support where buyers often step in.
- $115.50: A deeper support level was tested during pullbacks.
- Resistance Levels:
- $125.60: First hurdle to clear for bullish confirmation.
- $134.95 – $141.60: Additional resistance zones that could cap gains.
- Prediction: The current pattern resembles a symmetrical triangle or compression zone. A breakout above $125–$130 could ignite upward momentum.
Weekly Chart: Sitting in the Buy Zone
Zooming out, SOL remains inside a crucial Buying Zone ranging from $110.17 to $131.68—a historical support and accumulation region.
- Support:
- $110.17: A strong base holding steady through prior dips.
- Resistance:
- $131.68: Top of the current range. A breakout here may target:
- $195.71: Long-term resistance from past highs.
- Prediction: The structure suggests possible accumulation. If this zone holds, SOL could resume a long-term bullish trend.
4-Hour Chart: Short-Term Squeeze
For intraday traders, the 4H chart shows SOL moving in a narrow range.
- Support:
- $118.24: Key level holding recent lows.
- Resistance:
- $130.00: A breakout here may trigger short-term rallies.
- Outlook: A coiling pattern hints at an imminent move. Traders should watch for a break above $130 or below $118 for direction.
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Solana’s price action across timeframes shows a market at a critical juncture. If bulls defend the $115–$120 area and reclaim $130+, the next targets lie near $140 and possibly $195 on the longer-term horizon. A breakdown, however, could test $110 and reset the trend.
Key Watch Levels:
- Bullish trigger: Breakout above $130–$135.
- Bearish risk: Drop below $115.
With tight ranges forming and momentum building, Solana could be setting up for a significant move.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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