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Solana Price Analysis:: Amid the recent correction in the crypto market, the falling Solana price resonated between the two converging trendlines of the falling wedge pattern. In its core concept, this chart setup signals a gradual decrease in bearish momentum, which eventually offers trend control in buyers’ hands. A bullish breakout from this pattern signals the end of the prevailing correction phase or the start of a new recovery rally.
Solana Price Daily Chart
- A bullish breakout from the long-coming resistance trendline signals a shift in market sentiment from selling on rallies to buying on dips
- A potential rally in Solana price may face overhead supply at $21.7 and $24.
- The 24-hour trading volume in the Solana coin is $277.5 Million, indicating a 148% gain.
Source-Tradingview
On May 25th, the Solana price gave a massive breakout from the resistance trendline of the wedge pattern. After facing multiple rejections from this dynamic resistance in the last five weeks, this breakout signifies the weapon of sellers has been breached the buyers can wrestle to take trend control.
As of now, the Solana price trades at $20.67 with an intraday gain of $1.17. This follow-up green candle indicates the bullish momentum is aggressive and thus adds more conviction to coin holders.
However, the coin price witnessed a minor pullback to retest the breached trendline as potential support. If the buyers manage to sustain above the reclaimed trendline, the potential rally could reach the $26 mark, a projection of a 26% growth potential.
Will Solana Price Reach $26?
The completion of the wedge pattern has set the Solana price for a massive recovery. However, in the core concept, each swing high during the pattern formation is a valid target for buyers after the breakout. Thus, the SOL price may witness in between hurdles like $21.25 and $24 before hitting the $26 high
Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and the signal(orange) projects a sign of trend reversal.
Exponential Moving Average: The 50-and-100-day EMA moving near the $21.17 mark creates a high supply zone against buyers.
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