SOL-“Converging Triangle”

2-Hour Analysis:

Big Picture: SOL is now forming a converging triangle. This pattern is very effective on SOL. Moving forward, SOL is open to a move on either side. A bullish breakout would most likely pave the way to 112-114 once more, while a bearish breakdown will expose SOL to 95 in the near future.

On Upside For a few days now, EMA-50 has been driving the trend and capping the upside. To be open to gains above this level, SOL must reclaim this level. The EMA-50 is currently around 106.40, which is also the first intra-day resistance level, with 107.20 coming in second. SOL is anticipated to climb to 112-114 as the next upside target if it breaks these resistances. Stronghold over 114, on the other hand, will open the way to 119, where the EMA-200 Daily is visible.

On Downside, The initial support level is set at 103.80, followed by 101.40. SOL must maintain these levels or it will fall back to the 100-98 range. This is a critical support that must be withheld, or SOL will be exposed to 95 and 90, respectively.