Solana breaks falling wedge, eyes $79 to $81 as key support holds

Solana’s rebound raises exit rally considerations

Analyst Killa argued that while Solana’s recovery may open the door to the $120 to $170 price region, the longer-term chart still points to potential weakness beyond that zone. The analyst warned that an increase in token supply and the concentration of SOL holdings among large investors could cap the cryptocurrency’s upward potential, limiting its ability to revisit earlier highs.

At current levels near $75, the price is viewed more as an accumulation area for medium-term traders than as the foundation of a lasting bull market. The analyst suggested that any significant advance would first need to reclaim $100 before approaching the $120 to $170 resistance, where major selling pressure is likely to return.

Concerns about future token supply and the behavior of large holders remain central to the bearish case. However, these point to the need for more detailed on-chain data to verify if insiders or foundation-linked entities are actively influencing price trends. The technical chart alone, according to Killa, does not provide enough evidence regarding the actual distribution or sale of tokens.

For Solana’s current rebound to gain traction, the cryptocurrency must maintain its upward momentum and create a pattern of higher lows, especially in the $60 to $70 region. A loss of this support could trigger further losses, with lower price targets of $40 and possibly $20 to $30 coming into play if the weakness intensifies.

A more definitive shift in sentiment could occur if Solana manages to break above $170 and then secure that level as a new support base. Until such a breakout is confirmed, analysts see any large upward move as an opportunity for early investors to exit rather than a sign of a sustained return to all-time highs.

Mini dictionary: Falling wedge — A falling wedge is a bullish chart pattern formed when an asset’s price moves between two converging downward sloping trendlines. The breakout above the upper trendline often indicates a reversal or continuation to the upside.

The current area near $75 is seen as a potential accumulation zone for medium-term trades rather than the beginning of a lasting bull cycle, with the $120 to $170 region likely to attract renewed selling activity.

Technical breakout shifts short-term outlook

Solana has moved above a falling wedge pattern after successfully retesting previous resistance at $74 to $76, strengthening the bullish short-term outlook. The transition of this region from resistance to support marks a critical support-resistance flip, suggesting buyers are now in control of the immediate trend.

This key price zone had rejected multiple recovery attempts in the past, but maintaining a position above it now helps sustain upward pressure and reduces the risk of a quick reversal. The breakout from the falling wedge indicates that the recent correction phase, which produced a series of lower highs and lows from the $83 level, may have ended or is at least on hold.

Looking ahead, holding above the broken trendline and the $74 to $76 support area remains essential. Any return below this level could see the trend invalidated and shift focus back to lower support levels near $72 to $73. Sustained strength above current prices would validate $79 to $81 as the next targets for SOL bulls.

Breaking above the upper trendline of the falling wedge pattern implies weakening selling pressure and brings the $79 to $81 region into focus as Solana’s immediate upside target.