Solana (SOL): Symmetrical Triangle Nearing Decision Point

Overview:
Solana (SOL) has been in a three-week downtrend, forming a symmetrical triangle pattern on the chart. The price is currently approaching a key trendline resistance and a supply zone, making this a crucial moment for price action.

Key Technical Observations:

1. Downtrend Structure: SOL has been respecting a downward trendline with four touchpoints, indicating strong seller dominance.
   
2. Symmetrical Triangle Formation: This pattern suggests a potential breakout scenario, with price compression indicating an imminent move.
   
3. Supply Zone Resistance: The price is nearing a critical supply zone, where previous rejections have occurred.
   
4. Volume Analysis: Declining volume within the triangle suggests a potential volatility spike upon breakout.
   

Potential Scenarios:

• Bullish Breakout: A break above the downward trendline with increased volume could trigger a move toward 240-260 resistance, potentially flipping the trend bullish.
  
• Bearish Breakdown: If SOL fails to reclaim the trendline, rejection from the supply zone could lead to a continuation of the downtrend, targeting lower support near 140-160.
  

Confirmation & Invalidations:

• Break & Close Above Resistance: A daily close above the trendline with strong volume confirms a bullish breakout.
  
• Rejection & Breakdown: If SOL gets rejected and breaks below triangle support, it may revisit lower support levels.
  

📌 Key Levels to Watch:
Support: $190-200 (Trendline & Supply Zone)

🔥 Conclusion:
SOL is at a make-or-break point as it approaches trendline resistance within a symmetrical triangle. Traders should watch for breakout confirmations, volume spikes, and momentum shifts before positioning for the next move. 🚀