Solana can reach at least $44 if it breaks out of its falling wedge pattern.
) could undergo a sharp price recovery in June, even after the SOL/USD pair's 78.5% year-to-date decline." since May, confirmed by its fluctuations inside two descending, converging trendlines. Traditional analysts consider falling wedges as bullish reversal patterns, meaning they resolve after the price breaks above their upper trendlines.
As a rule of technical analysis, a falling wedge's profit target is measured after adding the maximum distance between its upper and lower trendlines to the breakout point. So depending on SOL's breakout level, its price would rise by roughly $20, as shown below.That puts the SOL's price target at $58 if measured from the current price, or about 35% higher.
accompany an upside retracement in the readings of its daily relative price index , a momentum oscillator that detects an asset's overbought and oversold conditions.This situation, otherwise known as"Solana still faces bearish risksfalling wedges are poor bullish indicators, however, with a higher breakeven failure rate of 26%. Meanwhile, there is only a 64% chance that a falling wedge would meet its profit target, which leaves Solana with the possibility of continuing its downtrend.
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