Next Notable Rally To Push Solana To $235

Even though Solana seems to have lost its recent upward momentum, leading to a notable pullback to the $136 price level, there is a possibility that the brief bullish move was just the beginning of a much bigger upsurge.

Solana (SOL) has seen a recent pullback from the $150 price level, which could open the door for a potential price reversal, according to many crypto analysts.

Solana To Rally Further To $235

One asset that could be setting up for a major breakout is Solana. After examining recent price action, IC News outlined that SOL is positioning itself for a short-term rally.

Solana’s breakout from a key chart pattern—the Falling Wedge formation—could be setting up the altcoin for some big gains in the near term. A Falling Wedge formation is a technical pattern that signals the reversal of the price after a period of downswing performance.

The pattern is characterized by two trend lines sloping downwards. Often, this pattern acts as an indicator of the ability and momentum of an asset to continue its move. In this case, it’s signaling that SOL has more room for gains after it broke out of the pattern.

Solana broke above the upper trendline of the falling wedge pattern on March 19, adding strength to the bullish momentum.

The breakthrough has held up well, and SOL continued to rise in the following days. As the pattern is valid in the daily time frame, Solana is now targeting the $235 price range, according to IC News.

This level is obtained by summing up the breakout level by April and the maximum height of the falling wedge formation. However, macroeconomic variables and resistance levels may still influence the pace of this anticipated rise.

Solana’s price seems to be holding above the demand zone. Other key takeaways in SOL’s performance are rejection wicks and a classic bullish market structure continuation in play that indicates strength.

As a result, the analyst has placed the target for the altcoin at the $222 level once it undergoes a leg-up. The anticipated rally could push SOL as high as $316, marking a new all-time high. “Accumulation under $140 was a gift, and now the breakout rally could just be getting started,” the analyst stated.