\nUnder the influence of a falling wedge pattern, the SOL price may see a major reversal ahead. should you buy?\t\t\t\t<\/p>\n
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Published 20 mins ago <\/p>\n
Over the two months, the Solana price<\/a> has witnessed relentless downslide, skidding from a peak of $32.13 to its current berth at $18.3. This translates to a staggering 43% erasure in value. Interestingly, this entire corrective phase strictly resonated within two converging trendlines, painting the picture of a descending wedge formation. Historically, such patterns have often been precursors to sizable bullish thrusts post a breakout from the upper resistance. However, Is Solana ready for a bullish pivot, or is further tumult on the cards?<\/span><\/p>\n <\/p>\n Also Read: SOL Price Under Pressure Amid FUD of Solana Liquidation By FTX<\/a><\/p>\n A spark of hope has been lit today, as the SOL price registers an intraday leap of 3.5%, propelling it toward the upper boundary of the wedge pattern<\/a>. However, this very zone has proven to be a formidable barrier in recent times, rejecting upward price actions on three separate occasions.<\/span><\/p>\n The trendline has become a hotspot where traders seem to be swayed by considerable selling pressures. Now, with the crypto-sphere buzzing about humours of FTX bankruptcy<\/a>\u00a0hearings, Solana might just find itself in the firing line once more, rejected by this trendline resistance. If the bearish momentum gains traction, this altcoin could fall another 11%, targeting the $16.5 price region.<\/span><\/p>\n<\/blockquote>\n However, those with a bullish inclination should wait for a breach of the aforementioned resistance. A breakout rally might just propel Solana toward the potential target of $22.21, followed by the $25.43 or $32 mark.<\/span><\/p>\n <\/p>\n Taking a look at the bigger picture, a price decline to $16 would bring the Solana coin to a crucial support trendline of a rising channel pattern that has been shaping its trajectory for the past seven months. As long as this support remains unbreached, it acts as Solana\u2019s safety net, preventing any catastrophic declines.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nA falling Wedge Pattern Offers an Opportunity for a bullish reversal\u00a0<\/b><\/h2>\n
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![\"SOL](\"https:\/\/s3.tradingview.com\/snapshots\/k\/kJY6ejaT.png\")
Source-<\/span>Tradingview<\/span><\/p>\n\n
Will SOL Price See A Major Correction?<\/b><\/h2>\n
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