The first notable formation in Solana’s four-hour chart is the ascending channel formation. The rapid increase in price momentum is a factor that increases the slope of the formation. After the rise on November 16th, Solana faced selling pressure, but it gained upward momentum again by finding strength from the support line and following a horizontal trajectory.
The most important support levels to be followed in Solana’s four-hour chart are respectively $58.39, $55.28, and $51.42. If a four-hour bar closes below the $55.28 level, it will invalidate the formation structure and lead to a significant loss of momentum in SOL’s price.
The most important resistance levels in Solana’s four-hour chart are respectively $61.79, $66.42, and $71.26. Especially, a bar closing above the $61.79 level will allow SOL to gain momentum in the short term.
The first notable formation in the two-hour Avax chart is a triangle formation. This formation structure plays an important role in determining the direction of the price after the formation of tight bars in a narrow area and the breakout of the support or resistance level. The support found by Avax’s price at the EMA 200 (red line) level is an important factor for a short-term rise.
The most important support levels to be followed in Avax’s two-hour chart are respectively $20.70, $20.06, and $19.55. Particularly, if a bar closes below the $20.70 level, it will lead to a short-term encounter with selling pressure for AVAX.
The most important resistance levels in Avax’s two-hour chart are respectively $21.58, $22.32, and $23.05. Particularly, a bar closing above the $21.58 level will allow the formation to move upward and enable AVAX’s price to gain momentum.