Canadian crypto asset company 3iQ has applied to launch the #Solana Fund ETP in Canada, aiming to offer SOL investment opportunities and staking income.
Over the past 6 to 8 months, $SOL has demonstrated resilience, reaching a peak near $210.
Despite attempts, bulls couldn't maintain $SOL above the key $200 mark, leading to a significant 36% decline in price.
Over the past three months, #Solana has been trading in a sideways movement, forming a symmetrical triangle pattern.
Following resistance at the upper boundary of this triangle, SOL shifted to trade within a descending wedge and is currently positioned at the wedge's apex.
With a 1.80% intraday gain, the daily chart shows buyers rejecting the support level of the triangle pattern, indicating accumulation during this dip.
According to Coingabbar analysis, If the current pattern holds, SOL could gather momentum for a potential upward rally.
Conversely, failure to maintain this pattern might lead SOL to decline rapidly towards $120 in the coming days.
KEY LEVELS :
RESISTANCE LEVEL : $142-$151
SUPPORT LEVEL : $129-$119
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