Solana traded around the $101.50 price level on September 14 after rebounding from a crucial market test. The layer-1 crypto asset secured a key support zone in the $98 to $100 range, a psychological stronghold that has so far stemmed the price decline.
Technical analysis on the 4-hour chart shows SOL price entering a compression phase within a symmetrical triangle pattern. The trading range is narrowing, with the upper boundary of the formation capped by resistance in the $103-$105 area, coinciding with the Supertrend indicator positioned directly at $104.08.
Buy Signals Amid Consolidation
Amid the narrowing trading range, the Aroon indicator captures constructive data in favor of buyers. The Aroon Up line recorded a dominant reading of 85.71%, in sharp contrast to the flat 0% on the Aroon Down line. This extreme metric underscores that the formation of new highs significantly outpaced the creation of new lows during the ongoing consolidation cycle.
Additional technical support comes from the daily RSI indicator, which currently sits at 56.17. This figure reflects slowing momentum compared to the price rally when SOL surged from the $70 range to its peak of $110 in late August. Despite the slowdown, the current RSI reading confirms that bullish momentum remains intact as it holds in expansion territory above the neutral 50 line.
Threat of Long Liquidation Clusters
Liquidation heatmap data detects risks lurking just below the psychological $100 level. This map visualizes a dense cluster of potential long liquidations if the price breaks below that round number. This cluster could trigger a cascade of forced position closures before the price has a chance to establish strong support at $98.
Symmetrical triangle formations always demand a directional breakout resolution. Long position holders around $100 now face a dual risk: triggering a domino effect of liquidations if the lower boundary breaks, or capitalizing on the remaining indicator momentum to pierce the $104.08 Supertrend ceiling.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
