SOL-“Volatility Expected”

2-Hour Analysis:

Big Picture: Solana is forming a converging triangle on lower time scales. Furthermore, the price is currently trapped between key supports and resistances. For the time being, it is likely to become choppy. The breakout of the small range, on the other hand, will signal the next short-term move. Strength above 15.60 is required to maintain this momentum, while any short-term weakness may cause the market to re-target lower supports before making another attempt to move higher.

On the Upside the immediate resistance level is 14.55. Breaking through this falling channel resistance may re-direct the price to the 14.90-15.25 region. This is an additional intraday resistance level. The previous surge was almost halted at this level. Expecting this level to remain as strong intraday resistance. However, simply flipping this level will not be enough to keep the momentum going. Solana needs to get acceptance above 15.60 in order to target higher levels in upcoming sessions. Acceptance above 15.60 could propel Solana towards 16.50, followed by 17.70.

On the Downside between 14.00-13.70 levels, a converging triangle base support is forming. If Solana is to push higher, it must maintain these support. Furthermore, multiple dynamic supports are on their way to provide assistance at these levels. EMA-100 and EMA 50 are both present between 13.50 and 13.75. Solana has excellent protection at these levels; therefore, these levels must hold or the upside potential will be jeopardized, exposing Solana to lower supports.