- Solana slips below the triangle support as the $129 level fails to hold under pressure..
- Rising sell volume signals growing bearish momentum near the $134 rejection.
- SOL eyes $120 support after symmetrical triangle breaks on lower timeframes.
Solana (SOL) is testing critical support after losing momentum near its recent local high of $134.50. A lower timeframe breakdown is developing as sellers pressure the ascending support of a symmetrical triangle pattern.
The consolidation structure developed between April 13 and April 16, tightening prices within key trendlines. Bearish pressure increased near $129 as volume rose and price slipped below the triangle’s support line. Solana’s current movement reflects early signs of deviation from the bullish continuation setup visible since April 10.
Symmetrical Triangle Nearing Resolution
An analysis by SatoshiOwl identified a potential breakdown from a symmetrical triangle on the 1-hour chart. He highlighted that SOL lost the ascending trendline near $129 after failing to reclaim $134 resistance. His findings revealed growing downside risk, especially if upcoming 4-hour candles confirm price acceptance below support.
Source: SatoshiOwl
Analyzing trading behavior, SatoshiOwl pointed out a critical shift in short-term sentiment from bullish continuation to caution. He noted increased volatility and emphasized $120 as a key level to watch for near-term price interaction. He confirmed a strong macro structure remains intact, but warned that intraday charts suggest possible further retracement first.
On-Chain Metrics and Price Performance
According to CoinMarketCap, SOL trades at $128.90 with a 0.62% intraday decline. Market cap fell below $58 billion, reflecting reduced confidence after rejection from the $134 zone. 24-hour trading volume jumped 14%, signaling elevated sell-side participation near the lower support level.
Monitoring buy-sell pressure, the order book shows thinning bids below $126 with clustered resistance still at $134. Price volatility compressed before April 16’s breakdown, confirming a low-volume environment during the triangle’s midpoint phase. Volume peaked on April 12 during the rally from $112 to $134, marking the strongest buy-side momentum of the week.
Source: CoinMarketCap
Solana Slides Below Support Amid Triangle Breakdown Risks
Solana (SOL) is testing critical support after losing momentum near its recent local high of $134.50. A lower timeframe breakdown is developing as sellers pressure the ascending support of a symmetrical triangle pattern.
The consolidation structure developed between April 13 and April 16, tightening the price within key trendlines. Bearish pressure increased near $129 as volume rose and price slipped below the triangle’s support line. Solana’s current movement reflects early signs of deviation from the bullish continuation setup visible since April 10.
