Solana coin SOL is at a crossroads…a jump to $299 or a fall to $109

Solana coin “SOL” suffers from a clear state of instability after recording the highest local level at $223, as it continued to trade sideways during the past 4 days between the ranges of $184 and $193.

Currently, SOL is trading at $177.64, down 5.67% over the past 24 hours, 16.69% from a week ago, and down 20.94% from its previous monthly levels.

Technical Analysis: A symmetrical triangle and a possible decisive move

Analysts noted the formation of a symmetrical triangle pattern in the SOL chart, reflecting hesitation in the market as buyers and sellers fight for control. A breakout of this pattern is usually preceded by strong price action, supported by high trading volume.

Analysts expect that an upward breakout above the $214 level could push the price to $299, while a break of the support at $183 could drop the price towards $109.

Current market indicators

• Negative Sentiment: Over the past 4 days, market sentiment has been negative, indicating increasing selling pressure.

• Directional Movement Index (DMI): The index showed strong downward pressure with the DI+ falling to 13 and the ADX rising to 23, reflecting increasing downside momentum.

• Open positions: Currently, 52% of traders are short positions versus 48% long positions, reflecting the market’s tendency toward bearish outlook.

Possible scenarios

If the downward pressure continues, SOL may drop below $183 with a support level at $175.

On the other hand, if the coin breaks the $214 level, we could see an upward rally towards $299.

This is a crucial stage for Solana’s future, as investors closely follow market developments to make informed decisions.