The Solana price has been maintaining its position above $200, forming a bullish falling wedge pattern that suggests a potential breakout if the support holds. Key confluences, including the 0.618 Fibonacci retracement and the Point of Control (POC), indicate a possible reversal could occur soon.
Overview of Solana’s Price Movement
Solana (SOL) has entered a controlled correction phase, consolidating within a falling wedge pattern. This structure has limited price action over several sessions, but with strong support on the higher time frame located around $200, market conditions suggest a possible reversal could occur soon. From both a technical and structural perspective, Solana remains in a bullish macro framework as long as the price remains above this critical zone.
Key Technical Points
Several key technical points are worth noting. The $200 support coincides with the 0.618 Fibonacci Retracement and the Point of Control (POC), creating a tight pocket of liquidity that can easily rotate to higher levels if buyers remain in control. The falling wedge pattern is typically a bullish continuation structure, suggesting that an upward breakout could be imminent once the pattern completes.
The ongoing consolidation phase in Solana price is forming a well-defined falling wedge pattern with dynamic resistance and support lines converging towards an apex in the $200 area. This formation is often interpreted as a bullish continuation signal, suggesting that an upward breakout could be imminent once the pattern completes.
Upcoming Price Development
As long as Solana maintains its level above $200, the overall bias remains bullish. The falling wedge structure suggests a high probability of an upside breakout, potentially targeting $240 in the near term. A confirmed breakout with strong volume could pave the way to higher resistance levels near $260. Adding to its momentum, Solana recently surpassed Ethereum with $2.85 billion in annual revenue, highlighting its growing dominance in network activity and ecosystem strength.
Volume confirmation is key for continuation towards $240-260. The first target after the breakout is confirmed would be $240, then the previous range high, followed by possible extensions towards $260 or beyond if the bullish momentum accelerates. For more information on Solana’s price movement and analysis, visit https://crypto.news/can-solana-price-bounce-from-200-support-as-bullish-pattern-develops/
SOLUSDT (4H) chart, source: TradingView
