๐ Solana (SOL) Technical Analysis โ A Breakout Brewing?
Current Price: $176.71
๐ง Key Technical Insights:
๐น After reaching a local high at $184.67, SOL started showing candles with long upper wicks โ a sign of selling pressure at the top.
๐น Still, candles continue to close above the 25MA (now at $171.98) โ a strong sign bulls are holding the structure.
๐น Low volume on pullbacks suggests weak bearish momentum โ this could be a healthy bullish consolidation.
๐ฏ๏ธ Candle Behavior Breakdown:
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A sequence of higher lows with moderate candle bodies โ classic pre-breakout pause formation.
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Multiple bullish reversal candles (e.g., hammers) appeared right on support levels โ shows active buyers stepping in.
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The large green candle on July 17th, with a strong volume surge, hints at possible smart money accumulation.
๐ Key Zones to Watch:
๐ Strong Support Zone: $171 โ $174 โ aligns with the dynamic 25MA.
๐ Major Resistance Zone: $182 โ $185 โ a clean break and close above this area opens the door to $200+.
๐ Long-Term Support (MA99): $159.7 โ hasnโt been tested recently but remains critical on trend shifts.
๐ Summary:
Solana is showing strong bullish behavior on the 4H chart, and price action hints at accumulation before a major move.
As long as price holds above $171, the path to break $185 remains valid.
A confirmed breakout could send SOL to $195โ$200 in the short term.
But the ๐ lies in a strong 4H close above $182.
