How to Understand Cryptocurrency Chart Patterns and Strengthen Investment Strategies

Solana Price Trends: A Crucial Phase at 200 Dollar

The price of Solana ( SOL ) has surged from 180 Dollar to 204 Dollar, energizing the market. However, chart analysis indicates that many investors are paying attention at this critical juncture. Solana(SOL) price trends

Facing the 205 Dollar Wall

SOL has reached three highs around 205 Dollars, but all have sharply declined. Trading volume in this price range has decreased unnaturally, and experienced investors are cautious about this. Solana(SOL) price trend around 205 Dollar

Pay attention to the support line of 193 Dollar

With the entire market optimistic, the $193 level is an important support line. If it falls below this level, the liquidation of leveraged positions will begin, and it could drop to $180. Solana(SOL) price support line and downward risk analysis

The Road to 220 Dollars

However, there is hope. A golden cross of the moving averages has formed, the 5-day line has turned upwards, and the 30-day line is also in an upward trend. Additionally, the information about the purchase of 100,000 SOL by major investors is also supporting the market.

If we can break through 205 Dollar, it will aim for 215 Dollar and even 220 Dollar. However, 205 Dollar will be an important turning point.

Focus on Tonight's Option Expiry

Tonight, options worth 120 million Dollars in SOL will expire. While many contracts are targeting 220 Dollars, positions below 200 Dollars are also increasing rapidly. Market participants are focused on the battle around 205 Dollars, expecting significant price movements.

Similarity to Past Patterns

The current market situation is similar to that before the crash in May 2021. Common points include a sideways market after a sharp rise, stagnation at important resistance levels, and unusual volume in the options market. In light of these circumstances, the market's attention is focused on the price movements in the next 48 hours.