SOL - Still Holding $120
Here is a link to our previous chart: https://www.tradingview.com/chart/SOLUSDT/dDYKEWnv-Solana-Demand-at-120/
This will be the last chart for tonight but very important. Last week we saw Solana breakout of this triangle, successfully retest it as support and have another leg to the upside. But with the weakness in BTC and ETH, Sol fell back below the trendline invalidating the pattern and thus falling into the $120 demand zone again.
This level is extremely important for SOL and continued candle closes below it could lead to a catastrophic breakdown.
So far this does not seem to be the case as buyers have so far stepped in again at $120. Now that our previous trendline has been negated we need to look to price to determine the next breakout.
Once we close a daily candle above $187 (yellow line) that should be the trigger towards a test of ATH again. Until then all eyes are on this $120 level to hold.
This will be the last chart for tonight but very important. Last week we saw Solana breakout of this triangle, successfully retest it as support and have another leg to the upside. But with the weakness in BTC and ETH, Sol fell back below the trendline invalidating the pattern and thus falling into the $120 demand zone again.
This level is extremely important for SOL and continued candle closes below it could lead to a catastrophic breakdown.
So far this does not seem to be the case as buyers have so far stepped in again at $120. Now that our previous trendline has been negated we need to look to price to determine the next breakout.
Once we close a daily candle above $187 (yellow line) that should be the trigger towards a test of ATH again. Until then all eyes are on this $120 level to hold.
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