Technical Analysis of Solana (SOL/USD) – Daily Timeframe
On the daily chart of SOL/USD, an ascending triangle pattern is visible, formed with dynamic support from the upward trendline (yellow line). The price is currently around the breakout area, right in the range of $159. The consolidation area (orange box) indicates strong resistance that has previously failed to break through multiple times. However, the price now appears to be testing that area again with potential for a breakout upwards.
Here we see a Support area around $150, which also coincides with the Fibonacci line at 0.5 retracement. Then the Resistance area is around $160–$165 (previous consolidation zone).
Potential Target (TP)
TP 1: $204.45
TP 2: $239.11
Potential If the price successfully breaks and holds above the resistance zone (breakout confirmation), then the chances of reaching TP 1 and TP 2 become valid. However, if there is a rejection and breakdown below the upward trendline, then the potential for a deeper correction should be monitored.
Then from Volume, there has been an increase in volume since mid-May, which could indicate accumulation before the breakout.
disclaimer: not financial advice (DYOR)
"do your own research"
