Solana price eyes January high as falling wedge signals rebound
Solana price has rebounded more than 10% from its June 6 low near $61, after a 36% drop from May’s peak around $96. The market is now watching Solana price for a technical recovery from a multi-month daily falling wedge that formed after January’s high near $145.
Key levels are clear for traders. Support has held in the $60–$62 zone, where buyers stepped in following heavy liquidation-driven selling. The first major resistance is $68, where a 4-hour ascending triangle tops out and CoinGlass shows a weekly liquidation heatmap with dense short-side liquidity clustered around $68. A clean breakout above $68 could trigger short liquidations and push SOL toward the next liquidity region near $70, with a measured-move target close to $76.
However, analysts remain cautious. A bullish reversal is described as requiring a confirmed upside signal—specifically, a break above $72.57 and a five-wave advance—before the larger downtrend is considered repaired. Failure around the current range could leave the $60 support area exposed again.
Sentiment is also influenced by broader crypto weakness after Bitcoin’s sharp weekly decline and macro uncertainty around US economic data and expectations for Fed rate cuts. Overall, traders are positioned around whether Solana price can reclaim $68 first, then challenge $76 and ultimately the January high.
Neutral
The article frames Solana price action as a potential rebound setup, but it’s not yet a confirmed trend reversal. The bullish elements are clear: Solana price has stabilized after a steep liquidation-driven selloff, and chart structures (daily falling wedge plus 4-hour ascending triangle) suggest upside is possible if resistance breaks. The CoinGlass liquidation heatmap around $68 adds a tactical catalyst—short-side liquidity could fuel a squeeze.
However, the bearish risk remains intact because the larger daily trend is still under pressure and key confirmation levels haven’t been reclaimed. Analysts cited in the piece argue that bullish reversal requires a break above $72.57 and a confirmed five-wave advance. This is similar to past “wedge breakout but failed follow-through” scenarios where price tags resistance, triggers partial short covering, then stalls if momentum isn’t strong.
Short-term, traders may see volatility around $68 (possible liquidation cascade toward $70/$76). Long-term, the outlook stays neutral until Solana price can hold above $72.57 and continue building higher highs—otherwise the market may revert to testing the $60–$62 support again.
Given concurrent Bitcoin weakness and macro uncertainty, the highest-probability trading stance is wait-for-confirmation rather than assuming the falling wedge guarantees a reversal.