Solana Technical Analysis: 9 MAY 2025
Solana reclaims the key supportive levels. Source: TradingView
General View
Price has steadily climbed in recent days, reclaiming lost ground and pushing back into a key structural zone. The recent breakout above trendline resistance has tilted sentiment in favor of the bulls, with price now resting above a newly emerging support zone. Notably, an inverse head and shoulders pattern is beginning to form. However, the neckline sits at a key resistance level, making it a critical battleground for both sides.
On The Upside
If bulls maintain pressure above the emerging support, the next immediate challenge lies near the neckline zone at $162 to $165. A successful breakout above this threshold could confirm the inverse head and shoulders formation, potentially opening the door to a rally toward $185 with intra-day resistances at $172 and $175.
On The Downside
Should price falter and slip below the emerging support band, short-term momentum may cool off, paving the way towards potential profit-taking. The intra-day supports for the session are at $155 to $152 levels. As long as Solana remains above these supports, bulls are going to hold control.
Inverse head and shoulder pattern is appearing on Solana. Source: TradingView
