Is the Falling Wedge Pattern complete in Solana? Is Solana price starting to rise? Is the fall over in Solana? We examine the Solana (SOL) chart. Below are the details of Solana technical analysis. Will Solana (SOL) make the price all-time-high again?
Falling Wedge Pattern On Solana.
When we examine the Solana chart on daily candles, we clearly see the Falling Wedge Pattern. In May 2021, the Solana price fluctuated quite a bit. However, we had a tremendous upswing behind it. When we examine our First Chart, we can say that we are in a narrowing triangle. In this case, the most important situation for Solana will be that the price does not go below the 130 USD level. Our pattern will be invalid if the Solana price drops below the 130 USD level. However, the fact that the price remains at these levels even in the worst scenario gives great signs for the future.
A Great Area For A Big Uptrend For Solana.
Firstly, looking at our second chart, we have a 50-days simple moving average and a 200-days moving average. We see that Solana price has come up to our 200-days simple moving average and stayed in this area. If we go below this level, there will already be a continuation of very large decreases. Otherwise, I can say that we are in a great area for a big uptrend for Solana. We clearly see that the decline that started in May 2021 and the subsequent consolidation process ended at the 200-days moving average.
When you look at the fibonacci levels on the Solana chart, you may have noticed that the Solana price is moving very close to the pattern formed last year. However, there will be some divergences from the previous pattern, as there is a faster and deeper drop this time around. At this point, we can look at what kind of target is for the rise, rather than the decline, with Fibonacci. In 2021, our all-time-high was fibonacci 4,236. When we look at our pattern this year, this Fibonacci target is approximately 700 USD. If our Falling Wedge Pattern works, I see a high probability that this price will happen. However, in the first place, the 130 usd level needs to be maintained in Solana.