Solana Technical Analysis: 29 MAR 2025
Solana’s daily price action is inside a falling wedge pattern. Source: TradingView
General View
After multiple rounds of strong upside, Solana’s bullish momentum has faded following consecutive rejections at key resistance levels. This loss of strength has led to a breakdown below the short-term ascending trendline support, signaling increased selling pressure. Now, price is trending lower, testing key intra-day support zones. However, on the higher time frame, a potential falling wedge pattern is emerging hinting at a bullish reversal if confirmed. The next few sessions will be critical in determining whether buyers can step in and defend key levels or if further downside is on the cards.
On The Upside
For bulls to regain control, the price must reclaim the broken trendline and push back above the failed support zone around $136–$138. However the chances for such a strenth in short-term remain very low. Solana is likely to face strong intra-day resistance from $128 and $132 levels for the day.
On The Downside
Price is now approaching key intra-day support levels, which could temporarily halt the ongoing selling pressure. These supports are positioned between $122 and $120, making this a crucial range for bulls to defend. A breakdown below this zone could trigger further downside, potentially leading Solana to sweep its recent 52-week low before any meaningful recovery takes place.
Solana breaks below the trendline supports and falls lower. Source: TradingView
