- Solana’s chart shows an expanding diagonal pattern, with price progressing through a fifth wave formation.
- Support at $189.23 and resistance at $194.97 continue to shape the token’s short-term balance and stability.
- SOL gained 0.5% to $192.54, showing steady momentum and limited volatility against both USD and Bitcoin pairs.
Solana (SOL) continued its consistent movement around the mark of $192.54 following a 0.5 percent growth rate per day. The token did not have any crisis in its upward channel, and the market was still in balance as the market was stable after the recent fluctuations. The analysts noted the possibility of a growing wave pattern on the daily chart implying the controlled price movement within specific boundaries.
SOL hovered around $194.97 and $189.23, which is indicative of low volatility and equal trading conditions during the trading session. The steady price action has also held the token in the immediate resistance level and the lower trendline serves to provide technical support. Market analysts observed that the breach of more than the $195.00 level would be able to sustain the current upward trend with the help of volume.
Expanding Diagonal Structure Forms Within Rising Channel
The price chart displayed an expanding diagonal pattern, often referred to as an ending wave structure. This formation outlines a sequence of higher highs and higher lows, extending from earlier cycle lows. The pattern suggests a broader consolidation that remains technically intact within the upward channel.
Notably, analysts pointed to the completion of wave four near recent lows, with price action now advancing within wave five. The projected move indicates a potential test of the $295.00 area, which could align with previous cycle peaks. However, the focus remains on whether price can sustain momentum above near-term resistance while maintaining its base above $189.00.
Support and Resistance Define Market Balance
SOL’s support zone around $189.23 continues to anchor the lower edge of the structure. This level has repeatedly attracted demand, stabilizing the broader trend. Resistance at $194.97 serves as the next key threshold that traders are closely monitoring. The repeated approach toward this range reflects measured buying interest but also highlights the presence of short-term supply.
Cross-pair data showed SOL steady at 0.001726 BTC, indicating flat performance against Bitcoin. The balanced movement underscores neutral sentiment across correlated pairs. Market participants remain attentive to whether broader market strength might reinforce the token’s medium-term trajectory.
Short-Term Outlook Shows Controlled Momentum
As the upward-sloping support trendline continues to hold, the structure maintains a stable form within the broader expansion channel. Market focus remains centered on the interaction between support and resistance zones, as these determine near-term direction. A sustained move above $195.00 could strengthen ongoing structure, while consistent stability above $189.00 may help preserve technical alignment within the broader pattern.
