1. Recovery From $67.50 Key Low
Solana formed a major low near $67.50, accompanied by a large spike in volume, suggesting strong demand stepped in at the lows. Since then, price has begun a steady recovery, forming higher lows as buyers gradually regain control.
2. Ascending Wedge Structure Developing
The recovery is currently forming an ascending wedge, a pattern that is traditionally considered bearish, particularly after a strong downtrend. Price is now approaching the upper boundary of this structure, where reactions often occur.
3. Major Resistance Around $117
Above current levels sits a significant resistance zone near $117, which previously acted as strong support before the breakdown. If the rally continues, this level could become the next major test for buyers.
4. Momentum and Volume Improving
RSI has climbed back above the 50 level, suggesting strengthening bullish momentum. Meanwhile, buying volume has begun to increase, supporting the recent recovery.
In Summary
Solana has rebounded from the $67.50 low after a strong volume spike signalled demand at the bottom. Price is now forming higher lows but is approaching the upper boundary of a traditionally bearish ascending wedge pattern. Momentum has improved, with RSI moving above 50 and buying volume gradually increasing. However, significant resistance remains overhead near $117. If price fails to break higher, the wedge structure could lead to another rejection before any larger recovery attempt.
