Solana price dey eye January high as falling wedge dey signal say e go bounce back
Solana price don bounce pass 10% from im low wey happen June 6 near $61, after e drop 36% from May peak wey near $96. Market dey watch Solana price to see if e go recover technically from one long time daily falling wedge wey form after January high near $145.
Key levels clear for traders. Support dey hold for $60–$62 zone, where buyers enter after heavy liquidation-driven selling. The first major resistance na $68, where 4-hour ascending triangle top and CoinGlass show weekly liquidation heatmap wey get dense short-side liquidity clustered around $68. If clean breakout pass $68 happen, e fit trigger short liquidations and push SOL go next liquidity area near $70, with measured-move target close to $76.
But analysts still dey cautious. Dem talk say bullish reversal need confirmed upside signal—specially break above $72.57 and five-wave advance—before the bigger downtrend fit be considered fixed. If e fail around the current range, the $60 support area fit show again.
Sentiment still dey influenced by wider crypto weakness after Bitcoin sharp weekly decline and macro uncertainty about US economic data and expectations for Fed rate cuts. Overall, traders dey position around whether Solana price fit reclaim $68 first, then challenge $76 and finally the January high.
Neutral
Di article dey frame Solana price action as one potential rebound setup, but e never confirm say trend don reverse. The bullish signs clear: Solana price don stabilize after heavy liquidation-driven selloff, and chart structures (daily falling wedge plus 4-hour ascending triangle) dey show say upside fit happen if resistance break. The CoinGlass liquidation heatmap around $68 add tactical catalyst—short-side liquidity fit cause squeeze.
However, bearish risk still dey because the bigger daily trend still under pressure and key confirmation levels never dey reclaimed. Analysts wey the piece cite talk say bullish reversal need break above $72.57 and confirmed five-wave advance. This one similar to past “wedge breakout but failed follow-through” scenarios where price touch resistance, trigger partial short covering, then stall if momentum no strong.
Short-term, traders fit see volatility around $68 (possible liquidation cascade toward $70/$76). Long-term, outlook remain neutral until Solana price fit hold above $72.57 and continue to build higher highs—otherwise market fit revert to testing $60–$62 support again.
Given Bitcoin weakness dey happen at the same time and macro uncertainty, the highest-probability trading stance na wait-for-confirmation rather than assume the falling wedge guarantee reversal.