Solana price poised for bounce, stabilizing at key support
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Canadian crypto asset company 3iQ has applied to launch the #Solana Fund ETP in Canada, aiming to offer SOL investment opportunities and staking income.
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Over the past 6 to 8 months, $SOL has demonstrated resilience, reaching a peak near $210.
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Despite attempts, bulls couldn't maintain $SOL above the key $200 mark, leading to a significant 36% decline in price.
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Over the past three months, #Solana has been trading in a sideways movement, forming a symmetrical triangle pattern.
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Following resistance at the upper boundary of this triangle, SOL shifted to trade within a descending wedge and is currently positioned at the wedge's apex.
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With a 1.80% intraday gain, the daily chart shows buyers rejecting the support level of the triangle pattern, indicating accumulation during this dip.
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According to Coingabbar analysis, If the current pattern holds, SOL could gather momentum for a potential upward rally.
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Conversely, failure to maintain this pattern might lead SOL to decline rapidly towards $120 in the coming days.
KEY LEVELS :
RESISTANCE LEVEL : $142-$151
SUPPORT LEVEL : $129-$119
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