Falling Wedge Holds the Keys to Price Direction
The Solana price prediction for a recovery got a slight boost this Monday, as the bulls dominated proceedings in early trading to send the SOL/USDT pair slightly higher. Today’s uptick comes as industry watchers start to pay attention to some of the latest offerings on the Solana network, namely its NFT marketplace and the new Solana Pay platform.
SOL latest news
Top on the list of events that the Solana Foundation plans to hold this year is the Solana Hacker House World Tour. This tour, which brings together developers, traders, and Solana ecosystem stakeholders, flags off in Miami on 5 April. It will last for six days and feature a special NFT gallery, a full slate of events, and an exclusive lounge for unwinding. Solana Pay, the network’s payment platform, will be available for use in making purchases.
With the SOL/USDT pair now testing critical support, the bulls have seized the opportunity to make some minor progress intraday, following a week that ended in losses. The SOL/USDT pair is up 3.37% as of writing.
Solana Price Prediction
The price action continues to trade within the context of the redrawn falling wedge pattern. Within this pattern, price activity is testing support at 79.37. The slight uptick seen on the day appears to have saved this support temporarily after Sunday’s downside violation. The pair needs to build on this bounce to test the pattern’s upper border. A break of this border and the 97.04 resistance completes the pattern and opens the door to a measured move that should achieve completion at 129.87. This measured move must uncap the resistance barrier at 116.40 to achieve this target. 150.24 is an additional upside mark that is currently out of reach.
On the flip side, a breakdown of the support level at 79.37 leaves the pattern vulnerable. If the downside move breaks down the lower border, the wedge is invalidated, and the door towards 65.27 blown wide open. Further price deterioration brings 56.28 into the mix as an additional downside barrier.
SOL/USDT: Daily Chart
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