Solana Sol's price remains inside the Ichimoku Cloud but continues to press against a near-term resistance level. Sellers have been unable to push Solana's price lower. It’s as if Solana SOL is magnetized to the top of the Cloud. Almost zero time is spent with any meaningful distance between the close and the daily Senkou Span A.

Solana SOL price action on the Point and Figure chart image below may look bearish at first glance. However, it’s technically in a bullish continuation pattern floor known as a Pole Pattern. The Pole Pattern entry off the current O-column is at a price of $160. The entry is vital because it is the first re-entry since the prior X-column broke above the dominant price uptrend angle. The first bullish entry after the first price pullback is often intense and can be sustained for quite some time.

As SOL buyers begin to take over, sellers will continue to look for short opportunities. Bears will want to observe the initial entry at the $160 level and any weakness from the initial entry. The black trendline channel on the Point and Figure price chart show where bears could easily take over and create a very probably flash crash even after catching so many buyers in a bull trap.

While price momentum currently favors buyers, bulls should not be complacent. The price structure on the Solana Point and Figure chart is one where any complacency could trigger SOL a massive sell-off. Watch specifically if there is any close below the price of $125 level as it could accelerate losses.

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