SOL-“Converging Triangle Formation Emerging”

2-Hour Analysis:

Big Picture: Solana’s price movement is developing a massive converging triangle pattern. Price is now waiting for either a bullish breakthrough or a bearish break down. The direction of the breakout will determine the coin’s upcoming trajectory. A bullish breakout is projected to target higher resistance levels, while a bearish fall will pull Solana down towards the mid-15s.

On the Upside price is constrained between two-hour supply levels. Furthermore, the trendline resistance serves as price obstacles as well. Solana must make a significant break above the trendline resistance and the 2-hourly resistance zone in order to go higher towards the 18.50 to 19.20 area.

On the Downside price is now being held by the EMA-100 dynamic support in conjunction with the trendline support. Furthermore, both of these supports almost coincide to the intra-day support level of 16.50. These numerous support levels must be maintained by Solana, or else a dip down to the 16.20 to 16.05 level is likely, with additional downside into the 15.60 to 15.50 levels.