- SOL breaks rising wedge resistance, drops sharply, then bounces near $190 support zone.
- Possible double-top around $250 suggests risk of further decline or recovery rally.
- Volume spikes during sell-offs highlight increased trader activity and market uncertainty.
Solana’s $SOL tumbled from $250 to test crucial $190 support, marking a key turning point. With a 7-day drop nearing 20% and volume surging over $11 billion, traders are on edge, watching for signs of a bounce or further decline amid growing market pressure.
Rising Wedge Breakdown Spurs Sharp Decline
Solana’s price action over the past week reveals a clear technical pattern. The rising wedge — typically a sign of a pending breakout or breakdown — saw $SOL break below its upper resistance line.
After retesting that resistance as support, the price gave way and plunged toward the wedge’s lower trendline. That lower line now serves as key support around $190, marking a crucial battleground.
The price drop from around $250 represents a decline of more than 20%, intensifying market nerves. The wedge structure remains intact for now, but this zone will likely decide whether the price recovers or slides deeper.
Double-Top Pattern Points to Possible Reversal
Adding to the technical drama is a possible double-top near $250 to $260.After forming this peak, $SOL dropped sharply and then pushed back into the wedge range. The bounce near $190 shows buyers are defending the zone, but with fragile momentum.
If $SOL holds this support, a bounce toward $220 is on the cards, and a potential retest of prior highs.However, failure here could trigger a deeper decline, pushing the price toward $170 or lower.
Volume and Momentum Will Confirm the Next Move
Trading picked up sharply during the latest sell-offs, showing just how nervous the market has become. The spike in volume, combined with rapid price swings, reflects growing tension among traders.
Solana is seeing increased institutional use making it a high demand token.If bulls take control SOL could reclaim previous highs and even go further up if momentum holds.
All eyes are on the next few daily candles. SOL must reclaim the $210–$215 zone with strong momentum to keep bulls in the game. But if it breaks below the wedge support, bears could take over and push the price even lower. The next move will be crucial.
