Mapping Solana’s short-term price targets – Key levels to watch! – Crypto News – Crypto News
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Mapping Solana's short-term price targets - Key levels to watch! Mapping Solana's short-term price targets - Key levels to watch!

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Mapping Solana’s short-term price targets – Key levels to watch! – Crypto News

Published

8 months ago

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  • Solana has been consolidating within a broadening wedge, with resistance levels at $177, $203, and $245
  • RSI at 42.71 hinted at room for a move higher, but SOL must clear $150–$160 to confirm a bullish breakout

Solana [SOL], at the time of writing, was trading within a defined range, while forming a broadening wedge pattern on the daily timeframe. The price seemed to be showing signs of recovery, with a bullish divergence forming too. A breakout from this structure could set the stage for significant gains. 

That’s not all though as SOL was at the center of a consolidation phase within a right-angled ascending broadening pattern. This pattern historically precedes strong price movements. With technical indicators hinting at a hike in volatility ahead, traders may be expecting a decisive breakout on the charts. 

Solana’s broadening wedge and potential breakout

The daily chart from an analyst indicated that Solana has established a broadening wedge pattern, one characterized by expanding price swings. Historically, this structure often results in an uptick in volatility before a breakout. 

Key resistance levels to watch include $177, $203, $224, $245, and $270, with all these levels aligning with Fibonacci extension levels.

Source: X

A breakout above the descending resistance of the wedge could confirm a bullish trend continuation, potentially driving SOL towards the upper resistance zones.

However, failure to break out could lead to a further consolidation within the wedge.

SOL’s right-angled ascending broadening pattern

Another key pattern forming on Solana’s chart, according to another analyst, is a right-angled ascending broadening pattern – Alluding to a potential increase in volatility. These patterns often result in sharp moves when price action compresses, and volume builds up.

If Solana breaks out of this pattern, the next resistance levels would be $177 and $200, with stronger psychological barriers at $245 and $270. On the downside, immediate support lay at $133 – A level that has historically acted as a demand zone.

Where is SOL heading?

Solana was trading at $138.97 at press time, facing resistance near the 50-day moving average at $163.81.

The Relative Strength Index [RSI] was at 42.71, suggesting that there may still be room for an upward move before overbought conditions emerge.

SOL price trend

Source: TradingView

Volume levels seemed to be moderate, indicating that traders have been waiting for confirmation before committing to larger positions.

If SOL sustains momentum above $145, it could confirm a bullish reversal and accelerate towards higher resistance zones.

Will Solana break out?

Solana’s price structure suggested that a breakout may be imminent, with the asset consolidating within a broadening wedge and an ascending broadening pattern. If bulls manage to push SOL past $150–$160, it could pave the way for a run towards $200 and beyond. 

However, failure to gain momentum could result in sustained consolidation near $130–$145.

Traders should closely monitor volume, RSI levels, and breakout confirmations before making major moves. With key resistance levels identified, the next few days will determine whether SOL enters a new bullish phase or remains within its press time consolidation range.

Next: Maker [MKR] holders adjust their positions – Will the support at $1,300 hold?

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