Solana Price Gears Up For Breakout After Volatility Squeeze | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Solana (SOL) is showing signs of a potential breakout on the 15-minute chart, as price action contracts into a tighter range. This volatility squeeze precedes a significant move, with market participants awaiting confirmation of direction. The consolidation phase has formed a recognizable breakout structure, with highs and lows converging, suggesting that pressure is building beneath the surface.

Breakout Structure Taking Shape On Lower Timeframe

According to Andrew Davis’s post on X, Solana experienced a sharp sell-off that briefly pushed the price below $142. However, the cryptocurrency quickly bounced back, demonstrating strong buying interest and resilience

Related Reading: Chainlink Holds Strong At $15.29 Support – Is A New Breakout Imminent?SOL has climbed back above the $150 mark, showing signs of building strength and momentum. This recovery suggests that the market is absorbing selling pressure. If this upward momentum continues, SOL could be poised for further gains

Crypto analyst Gemxbt noted that Solana exhibits a descending triangle pattern on the 1-hour chart, which is typically regarded as a bearish continuation signal. A descending triangle pattern has formed as the price creates lower highs while holding a relatively flat support zone at $145, a key level that has been defended multiple times.

SOL’s upside trend rebuilding | Source: Andrew Davis on XDespite the generally bearish structure, the chart has shown a bounce off this support, suggesting a temporary reversal. On the upside, resistance near $155 remains a crucial hurdle

For SOL to confirm a sustained reversal, it would need a breakout above this level, potentially signaling a shift in market sentiment. Further supporting the idea of a potential reversal, technical indicators are reflecting oversold conditions, which hint that the selling pressure may be exhausted, increasing the likelihood of a short-term recovery.

Giottus Crypto Exchange also shared insights on Solana price structure, identifying a bullish Shark harmonic pattern emerging on the 4-hour chart. He analyzes that Point D of the Shark pattern has aligned with the 1.618 BC Fibonacci extension, landing at the $147 level

This area is considered a potential reversal zone. The presence of this harmonic pattern at a critical extension, combined with price action, indicates that a bullish reversal could be underway. If the pattern holds, upside targets are projected in the $180 to $190 range.

Solana Tests Wedge Resistance As Bulls Eye Breakout

SOL’s anticipated upward move seems highly likely. Whales_Crypto_Trading also outlines that Solana is showing signs of a breakout as it approaches the upper boundary of a broadening wedge formation on the 4-hour chart. A pattern characterized by diverging trendlines often indicates increasing volatility and uncertainty, but also tends to precede explosive price action once a breakout occurs.

Related Reading: Solana Eyes Rally To $235 After A Notable Breakout From This Crucial Chart FormationSOL is consolidating beneath the wedge’s resistance, with price action tightening and volume beginning to show signs of building, which could trigger a wave of bullish momentum toward targets at $215, $228, $243, and $265.

SOL trading at $151 on the 1D chart | Source: SOLUSDT on Tradingview.comFeatured image from Adobe Stock, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.