SOL
SOLUSDT.P Solana is currently trading within a descending wedge pattern on the 4-hour chart, which is typically viewed as a bullish reversal structure.
The price action is compressing between the converging trendlines, suggesting a potential breakout may be on the horizon.
The current support zone between $164 and $167 is holding well and remains a critical area to watch.
A breakdown below this range could lead to a deeper correction toward the next support levels at $153.98, $151.91, and possibly $148.31.
Conversely, a breakout above the wedge resistance could signal a shift in momentum and continuation of the broader uptrend.
It is advised to wait for confirmation before entering any positions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.