Solana (SOL) is showing cautious price action, trading within a tight range as analysts monitor key technical levels. Short-term movement depends on a breakout from the $127–$129 zone. Technical indicators, including a potential head-and-shoulders pattern, indicate a strong trend could soon be in motion.
Currently, the price of the Solana token is at $128.90, showing a slight decline of 0.98% in the last 24 hours. The token has experienced a daily trading volume of $5.68 billion, while the total market cap of the token is $72.86 billion, showing the token has captured 2.41% of the entire crypto market.
Despite the modest pullback, the price action indicates that the price of Solana continues to fluctuate within a tight range. According to a chart shared by analyst Ali Charts, SOL is currently consolidating inside a triangle pattern, often seen when price is preparing for a larger move.
Ali further suggested that the next move of the price might be determined if it closes above or below the $127 to $129 range on the hourly charts.
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Zooming out to a longer timeframe, the analysis also highlights a potential Head-and-shoulders structure forming on the monthly chart. This is an important technical pattern to consider when it comes to technical analysis and can indicate that a large trend shift could be taking place.
The neckline of this pattern was identified as being around $127.85 as of the writing of this article, and is similar to where Solana is trading now.
For now, Solana is at a critical position, and its short-term price movements will depend on how the asset performs around these levels. A significant break will dictate the next phase for Solana’s price action, and traders will watch these levels to confirm the next phase for SOL.
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