Crypto News
- Solana has been trading within a broadening wedge, facing resistance at $177, $203, and $245
- The RSI at 42.71 suggested potential for an upward move, but SOL needs to navigate through the $150–$160 range to confirm a bullish breakout
Solana [SOL], as of this writing, was fluctuating within a defined range while forming a broadening wedge pattern on the daily chart. The price seemed to be showing signs of recovery, with a bullish divergence also emerging. A breakout from this formation could set the stage for significant gains.
However, that’s not all as SOL found itself in the midst of a consolidation phase within an ascending broadening pattern. This formation typically precedes strong price movements.With technical indicators suggesting increased volatility ahead, traders might anticipate a decisive breakout on the charts.
Crypto News Solana’s broadening wedge and potential breakout
The daily chart from an analyst revealed that Solana has formed a broadening wedge pattern characterized by widening price fluctuations. Historically, this structure often leads to heightened volatility before breaking out.
Key resistance levels to monitor include $177, $203, $224, $245, and $270; all these points align with Fibonacci extension levels.
Source: X
A break above the descending resistance line of the wedge could confirm continuation of an upward trend potentially pushing SOL towards higher resistance areas.
Conversely , failing to break out may result in further consolidation within the wedge.
Crypto News SOL’s ascending broadening pattern
Another significant formation appearing on Solana’s chart according to another analyst is anascending broadening pattern– indicating possible increase in volatility. these patterns generally lead to notable moves when price action compresses and volume accumulates.
If Solana breaks free from this structure , subsequent resistance levels may be at$177and$200with stronger psychological barriers at$245and$270.On downside immediate support rests around$133-a level historically serving as reliable support zone.
h2>crytonews Where isSOL heading?
pAt press time,Solana was tradingat13897withresistance near50-daymovingaverageat16381.
pTheRelativeStrengthIndex[RSI]wasat4271,suggestingtherecouldstillberoomforanupwardmovebeforeoverboughtconditionsarise.
div id=’attachment’ _47’355′ st yle=’width:’1443px’class=’wp-captionaligncenter’><imgtitle ='CrytoNews'decoding ='async'aria-describedby ='caption-att achment-_47'_554'class='wp-image-_47'_554size-fullalt='crytonewssolpricetrend'wid th='_433'top='_740'srcset ='ht tp s:/am b crypto.c om/w puploads/'25'/S OL USD_'25'-08_'09-'24-'42.p ng1433 w,' ht tp s:/am b crypto.c om/w puploads/'25'/S OL USD_'25'-08_'09-'24-'42.'300-x155.p ng300 w,' ht tp s:/am b crypto.c om/w puploads/'25'/S OL USD_'25'-08_'09-'24-'42.'10 '024-x529.p ng10 '024 w,' ht tp s:/am b crypto.c om/w puploads/'25'/S OL USD_'25'-08_-09–24–42.-768-x397.png768 w,' ht tp s:/ am crypto c.om/wp content/upload/s/-20-/SO LUSD_-20-/SO LUSD_-20-/SO LUSD_-20-.png12000.w'"files-lazy-sizes=(max-width:'1433px)100vw',1433 px'src=https :' // am crypto c.om '/uploads/SOL_USD_/….”source:’TradingView”
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Volumelevelsappearedtobeaverageindicatingtraderswereawaitingconfirmationbeforecommittingtoelevatedpositions.’
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IfSOLmaintainsmomentumabove145,itcouldconfirmabullishreversalandmoveuptowardshigherresistancezones.’
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CrytoNewsWillSolanabreakout?
‘‘<P'Span Style=''Font-Weigh T':'4oo;'Solanaspriceactionindicatedthatabreakoutmightbeapproachingwiththeassetconsolidatingwithinabroadeni ngwedgeandanascendingbroadeni ngpattern.IfbullscanpushSOLpast150–160,itcouldopenuppathwaysto200andbeyond.'
'<P'Span Style=''Font-Weigh T':'4oo;'However,failuretosustainmomentummayleadtofurtherconsolidationaround130–145.'
'<P'Span Style=''Font-Weigh T':'4oo;'Tradersshouldcloselyobservevolume,R SIlevels,andbreakoutconfirmationsbeforemakingcriticalmoves.Withkeyresistanc elevelsidentified,thecomingdayswilldeterminewhetherSOLentersanewbullishphaseorremainsinitscurrentconsolidationrange.'
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