Solana price has formed a symmetric triangle on the Daily time frame and continues to trade within it.
The cryptocurrency is trending inside an ascending parallel channel, increasing the likelihood of falling toward the lower trendline in May.
The altcoin failed to breach its resistance trendline, resulting in a strong bearish reversal on the chart.
Solana is struggling to maintain support at the 50% Fibonacci level.
If the market sustains the price above the support zone, SOL will retest its $180 resistance level.
According to Coingabbar's analysis, If the bulls break through the resistance trendline of the symmetric triangle, Solana's price could test its yearly high of $205 in the coming weeks.
If the bulls lose momentum, SOL will test its $155 support. Continued bearish control could push the price towards the lower support trendline.
KEY LEVELS :
RESISTANCE LEVEL : $175-$190
SUPPORT LEVEL : $156-$145
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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