The post Mapping Solana’s short-term price targets – Key levels to watch! appeared on BitcoinEthereumNews.com.

Solana has been consolidating within a broadening wedge, with resistance levels at $177, $203, and $245 RSI at 42.71 hinted at room for a move higher, but SOL must clear $150–$160 to confirm a bullish breakout Solana [SOL], at the time of writing, was trading within a defined range, while forming a broadening wedge pattern on the daily timeframe. The price seemed to be showing signs of recovery, with a bullish divergence forming too. A breakout from this structure could set the stage for significant gains.  That’s not all though as SOL was at the center of a consolidation phase within a right-angled ascending broadening pattern. This pattern historically precedes strong price movements. With technical indicators hinting at a hike in volatility ahead, traders may be expecting a decisive breakout on the charts.  Solana’s broadening wedge and potential breakout The daily chart from an analyst indicated that Solana has established a broadening wedge pattern, one characterized by expanding price swings. Historically, this structure often results in an uptick in volatility before a breakout.  Key resistance levels to watch include $177, $203, $224, $245, and $270, with all these levels aligning with Fibonacci extension levels. Source: X A breakout above the descending resistance of the wedge could confirm a bullish trend continuation, potentially driving SOL towards the upper resistance zones. However, failure to break out could lead to a further consolidation within the wedge. SOL’s right-angled ascending broadening pattern Another key pattern forming on Solana’s chart, according to another analyst, is a right-angled ascending broadening pattern – Alluding to a potential increase in volatility. These patterns often result in sharp moves when price action compresses, and volume builds up. If Solana breaks out of this pattern, the next resistance levels would be $177 and $200, with stronger psychological barriers at $245…

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Filed under: News - @ March 9, 2025 5:02 am