Hello traders, in today’s analysis we are going to discuss Solana on the monthly timeframe.
Solana is approaching a key area of support where multiple technical factors align. This level could provide a strong base for a potential swing trade setup, targeting a move back toward the previous highs. If buyers step in and defend this zone, it may confirm a broader range formation on the high timeframe.
Key Points:
• Price is approaching a key support zone with strong technical confluence.
• Confluence includes the value area low, high timeframe support, 0.618 Fibonacci, and key swing lows.
• A hold at this level on a monthly closing basis could trigger a swing trade back towards the all-time high.
Solana’s price action is currently testing a critical support area that could define the next major move. If this level holds, it increases the probability of a rotation back toward previous highs, forming a potential high timeframe range.
Since this is a monthly analysis, patience is required, as each candle represents a full month. While price can take time to develop, as long as support holds, the structure favors a move higher in the long run.