Solana price confirms breakout, 24% gains on the horizon
|- Solana price broke out of a falling wedge pattern, signaling a bullish breakout.
- Investors can expect SOL to continue its ascent to $112.89.
- A potential extension of the rally to $136.44 seems likely if bid orders pile up.
Solana price confirmed a successful breakout from a bullish pattern, indicating more gains in the near future. This uptrend will face minor blockades but is eventually going to reach its target.
Solana price survives bears’ test
Solana price set up three lower highs and lower lows since January 26, which when connected using trend lines, resulted in a falling wedge. This technical formation is bullish and forecasts a 24% upswing to $112.89, obtained by adding the distance between the first swing high and low.
Although Solana price broke out of this pattern on March 19, it took its time to confirm this breakout by retesting the upper trend line of the falling wedge. The confirmation passed with flying colors, leading to an 8% uptrend to where it currently trades - $94.46.
Going forward, investors can expect SOL to continue its ascent to $105.82, above which, is a liquidity pool of buy-stops. Clearing this hurdle will open the path to $112.89, which is the forecasted level.
Market participants can expect Solana price to form a local top here, but if buyers continue to FOMO in, there is a good chance this run-up could extend to the next significant hurdle at $136.44.
SOL/USDT 1-day chart
While things are looking up for Solana price, a move back into the falling wedge would denote that buyers are losing ground. A daily candlestick close below $88.58 will create a lower low and invalidate the bullish thesis for SOL.
In such a case, Solana price could crash 15% to retest the $75.33 support level.
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