Solana, one of the most notable assets of the recent period in the cryptocurrency market, is followed with an increasingly compressed price structure in short-term charts. In these days when the market activity decreases, Solana’s testing of the main resistance in the 87 to 88 dollar band is seen as decisive for the short-term direction of the price. Investors are closely monitoring a possible breakout in this range, where both the upward and selling pressures are felt with approximately the same intensity.
Moving averages and the squeezing triangle formation
The latest hourly charts on technical analysis platforms indicate that Solana is moving in a contracting triangle formation. Especially in the current chart shared by Ali Charts, it can be seen that the price is fluctuating around $ 85.82. This structure, where the bottom and top points of the triangle are getting closer to each other, usually occurs before major price movements. Experts consider the fact that volatility remains low and the price approaches the top of the triangle as a process in which the search for direction is not clear in the short term.
According to Ali Charts’ review, if there is an upward break in the Solana price, a rapid attack to the 89 – 92 dollar range may come to the fore. This possibility is also compatible with standard measurements of the triangle formation. Otherwise, a drop in the price below $83 may lead to a search for new support up to $82. In other words, in the short term, the price leaves investors waiting without clearly indicating the direction in which the squeeze will end.
In the charts shared by Ali Charts, the opinion that “In case of a bullish break in the one-hour triangle, there is a possibility of a 10 percent movement stands out. However, a downward movement may pull the price to the 82-83 dollar band in a short time.”
Horizontal course and struggle to hold on to the resistance zone
Another reason for the squeeze in the Solana price is the horizontal consolidation process seen on the 4-hour charts on the Binance exchange. Technical analyst BitGuru stated that Solana found the local peak at $90.95 after recovering from the bottom level of $78 in early April, but this level could not be exceeded.
All eyes are now on whether the price will drop below $83 or exceed the $87-88 band. Technically, if an upward break occurs, $90.95, which was the peak in March, will once again enter the target. However, if the resistance cannot be broken and the price heads down, the $82-80 region will stand out as critical support.
The current squeeze is dominated by investors waiting for the big move that will clarify the direction of the price. Solana is expected to experience a new breakthrough in the short term.
