SOL-“Converging Triangle Pattern”

12-Hour Analysis:

Big Picture: Another day of consolidation with 126 as support and 132 as resistance. Solana is currently at an important pivot point where it may begin another big bullish run into higher resistance levels. On the other hand, if bulls fail to capitalize on this current opportunity, Solana could fall back into its lower breakthrough levels, with overall activity in a sideways pattern.  

On the Upside 132.30 remains a critical level that must be surpassed with strength in order for Solana to see an improved flow of fresh momentum. With sustained strength over 132.30, the next upside objectives for the day would be 135.80 and 139.90. Meanwhile, the pattern target remains at much higher levels, but it requires strong momentum first.

On the Downside Price is creating extended lower wicks near the support levels. This indicates increasing buying pressure near the bottom supports. Solana has extremely good support at 126.40 to 124.30 levels. This region also benefits slightly from a quicker EMA-12. Furthermore, as long as this zone holds, Solana’s downside is quite limited. However, if sellers are able to break below this support, the downside could move into the 120-116 range.