Solana displays solid trading, forming an ascending triangle with key support and resistance levels. This article examines key analysis points and trading strategies.
Formation of a Triangle in Solana's Price Movement
Solana is trading in a tightening range, forming a long-term ascending triangle. The established support at $176 attracts buyers, creating an upward trend. However, repeated rejections at the $207 level confirm it as a significant resistance point, restricting further upward movement.
Trading Strategy for Solana
The trading strategy outlines two entry levels. The first is buying at $176, aligning with the ascending support trendline. The second is entering above $207, which could trigger a breakout, releasing strong upward momentum. The expected target in this case is $300.
Intraday Dynamics and Current Trends
On the intraday chart, Solana trades around $187.7, demonstrating upward dynamics. Indicators such as MACD and RSI signal a positive momentum shift, leaving room for further growth. Resistance levels remain in the $190–192 range.
Thus, Solana continues to hold key support and resistance levels, signaling potential trading opportunities for investors. As upward movement continues, traders should consider these levels as a foundation for their actions.
