Solana price At Risk Of 10% Crash With Descending Broadening Wedge

The Solana price was able to clear the resistance at $200 once again, putting it in another unique position for a potential ￰0￱ the time, there are multiple formations that suggest that there is an incoming downtrend, putting the SOL price in a perilous ￰1￱ is highlighted by crypto analyst Melikatrader, who outlined the points at which the cryptocurrency could see major ￰2￱ Price Faces Possible Resistance The analysis focuses on the descending broadening wedge pattern, alongside a budding trendline that shows the possibility of a reversal is high for the Solana ￰3￱ descending broadening wedge formation is a historically bullish one and has often preceded upticks in price.

However, what usually happens first is the fact that the price could see an initial crash before a ￰4￱ time around, the Solana price has come under scrutiny from bears after the break above $200. Solana has previously been rejected at this level multiple times. So, this suggests that the bears have a lot of power at this level and could drive the price back down ￰5￱ trader explained what would happen if the Solana price were to follow this trend again, showing a crash first before the altcoin will be able to pick up ￰6￱ current wedge is between two diverging trend lines, one line being in a descending formation, and the other showing a sloping down pattern but moving much more ￰7￱ the pattern usually comes before an uptrend, it is expected that the Solana price could dip first , and then the reversal from the dip would trigger the ￰8￱ this case, the Solana price is expected to move between the upper and lower trend lines outlined in the chart before it is able to break ￰9￱ the event of a crash, the support zone for the cryptocurrency lies at $192-$193.

A descent to this point would mark a 10% decline for the altcoin. Nevertheless, there is support, and this is a historical demand zone with strong momentum from ￰10￱ the breakout is completed, the price is expected to move upward rapidly, especially as the rest of the market works toward a ￰11￱ could set in motion the trend for further increases if the market continues to trade in the green.