Solana is holding support near $74-$76 and breaking above a falling wedge pattern, maintaining a path toward $79-$81 according to technical analysts. The cryptocurrency successfully retested the former resistance zone, which is now acting as support. Analyst Killa projects a potential recovery toward $120-$170 but warns that the long-term chart suggests a deeper decline could follow unless SOL reclaims $170, while analyst BATMAN identifies the falling wedge breakout on the 12-hour chart as a strengthening short-term bullish structure.
Analyst Killa Projects Solana Recovery Toward $120-$170 With Long-Term Bearish Outlook
Analyst Killa argues that Solana's rebound may offer another move toward $120-$170, but the long-term chart projects a deeper decline afterward. The analyst states that heavy token supply and concentrated ownership could limit SOL's ability to return to its previous highs.
The projected path treats the current area near $75 as a possible accumulation point for a medium-term trade rather than the beginning of a lasting bull market. A stronger recovery could first reclaim $100 and test the $120-$170 region, where the analyst expects sellers to take control again.
The bearish argument focuses on future token supply and selling pressure from large holders. Technically, SOL must hold its current base and form higher lows before the projected recovery becomes credible. A failure to defend the $60-$70 region would weaken the rebound and could bring the lower areas near $40 and eventually $20-$30 into focus.
The outlook would change if Solana breaks above $170 and holds that level as support. Until then, the chart presents the next major rally as a possible exit opportunity rather than a confirmed return to all-time highs.
Solana Breaks Falling Wedge Pattern With Support at $74-$76
Solana has broken above a falling wedge after successfully retesting the former resistance zone around $74-$76. The move strengthens the short-term bullish structure and suggests buyers are regaining control, according to analyst BATMAN.
The blue zone previously rejected several recovery attempts, but it is now acting as support. Holding above this area confirms a support-resistance flip and reduces the risk that the breakout becomes another temporary bounce.
The falling wedge developed as SOL formed lower highs and lower lows during its correction from the $83 area. Breaking the upper trendline suggests selling pressure is weakening, with $79-$81 now forming the first important upside target.
SOL must continue closing above the broken trendline and the $74-$76 support zone. A move back below that area would invalidate the breakout and place the lower support levels near $72-$73 back in focus.
FAQ
What is Solana's current support level?
Solana is holding support near $74-$76 after successfully retesting the former resistance zone, which is now acting as support following a falling wedge breakout.
What price targets do analysts project for Solana?
Analyst Killa projects a potential recovery toward $120-$170, while the short-term target following the falling wedge breakout is $79-$81. The long-term chart suggests a deeper decline could follow unless SOL reclaims $170.
What technical pattern has Solana broken?
Solana has broken above a falling wedge pattern on the 12-hour chart, which developed as SOL formed lower highs and lower lows during its correction from the $83 area.
