- Solana is nearing the $108 resistance on the 8-hour chart, eyeing $111.84 if it breaks above.
- Caution is advised for long positions if Solana climbs to $111.84 – $117.20, as a reversal could occur.
- Solana seeks to clear liquidations around $101.7 – $100.4 for a stronger rally, with potential long entries at $100.5 on the 15-minute chart.
Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 – $117.20 resistance range on the 6-hour timeframe.
MEDIUM TERM SOLANA ANALYSIS
When we look at the current technical chart of Solana, it is trading near the $108 channel resistance on the 8-hour timeframe. Considering the $108 resistance as the initial target, if Solana surpasses $108, the next target would be $111.84.
If Solana rises to the resistance range of $111.84 – $117.20 on the 6-hour timeframe, investors opening long positions should be cautious. There is a possibility of Solana initiating a downward movement from the specified resistance range. After liquidating short positions at the $117.20 level, confirmation for short positions should be sought in the lower timeframe.
Confirmation for short positions in Solana is expected in the range of $111.84 – $117.20. If Solana initiates a downward movement from the specified resistance range, the medium-term target for the downward movement would be the $89.625 support. However, if Solana manages to close daily candles above $117, the target would be $128.
Solana Liquidation Levels! What Does the Data Show?
When we examine Solana’s liquidation data, it appears that there is intense liquidation on the short side. Considering the timeframe of the above chart to be 15 minutes, possibilities of decline should be taken into account on the 15 and 30-minute timeframes.
Solana may aim to clear liquidations in the $101.7 – $100.4 range for a stronger upward movement. On the 15-minute timeframe, long confirmation trades with a 1.5% stop can be considered when Solana experiences a decline to the $100.5 level.
