Solana’s Bullish Falling Wedge pattern Signals Potential Breakout
Solana’s price is holding steady above $200, forming a bullish falling wedge. This pattern suggests a possible breakout if support holds. The $200 level is crucial as it aligns with the 0.618 Fibonacci retracement and the Point of control (POC).
The falling wedge is a bullish continuation pattern.It confines price action within converging lines, hinting at a potential upward move. if the price breaks out, it could reach $240 and beyond.
Key points to watch:
- major Support Zone: $200 aligns with Fibonacci and POC.
- Bullish Chart Pattern: Falling wedge suggests a breakout.
- Upside Objective: Targets $240 and perhaps $260.
Solana recently outperformed Ethereum, generating $2.85 billion in annual revenue. This highlights its growing dominance in network activity.
The $200 support zone is vital. It coincides with the 0.618 Fibonacci level and the POC. This confluence creates a liquidity pocket where a rotation toward higher levels could occur if buyers maintain control.
For a bullish breakout, daily candle closes must stay above $200. Increasing volume would further confirm this trend. The first target upon confirmation would be $240, followed by $260 if momentum accelerates.
As long as Solana stays above $200, the broader bias remains bullish. The falling wedge structure suggests a high probability of an upward breakout, targeting $240 in the short term. A confirmed breakout with strong volume could open the path toward higher resistance levels near $260.
