Like many cryptocurrencies, Solana has also formed a downward sloping wedge pattern. Solana has broken out of the wedge pattern providing a bullish signal and a minimum target at the start of the wedge pattern.
Red lines- wedge pattern
Green line - short-term resistance and first target.
Solana is trading now around $98.50. Breaking out of the wedge pattern gives us the start of the wedge as the first target area. This is shown by the green horizontal line. This target is at $117 area. If bulls manage to break above this level, then we expect Solana to reach the 38% Fibonacci retracement of the entire decline. This bounce towards the 38% level is justified if we confirm that the entire decline is complete. At current levels we prefer to be neutral if not bullish Solana.
