$SOL

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Key Points:

  1. Solana ($SOL) appears to be retesting the lower boundary of a right-angled ascending broadening pattern.

  2. A failure to reclaim support at $138 could trigger a significant drop toward the $65 target.

  3. Technical breakdown confirmed after losing a long-term support zone, suggesting further downside risk.

🔍 Pattern Retest Signals Potential Breakdown

In a chart shared by analyst Ali (@ali_charts), Solana’s price action seemed to be retesting the breakout zone from a right-angled ascending broadening wedge—a bearish technical formation. Historically, when assets retest the lower boundary of such patterns after a breakdown, it often leads to continued downside momentum.

Source:X

The chart displayed a sharp rejection after a modest bounce near the $138 level, which previously acted as a strong support line. Solana’s failure to reclaim this zone signaled weakness, reinforcing the idea that the pattern breakdown was not a fakeout.

📉 Technical Structure Aligns with $65 Price Target

The wedge, stretching from mid-2024 to early 2025, marked a steady rise with increasing volatility. This is typical of broadening formations, where price swings widen before a decisive move. Once SOL broke down through horizontal support in March 2025, the bias flipped bearish.

Ali’s projection—a drop to the $65 region—aligns with the measured move technique. This method involves calculating the vertical distance from the widest part of the pattern and projecting it downward from the breakdown point. The price action since the breakdown has shown no signs of strength, keeping this target in play.

🛑 Market Sentiment and Confirmation Levels

Market sentiment also played a crucial role. With Solana currently trading around $127.99, just under the key $138 resistance-turned-resistance, traders were watching closely for either a reclaim or rejection. A solid close below $125 could act as further confirmation of continued bearish momentum.

Analyst commentary and broader market weakness in altcoins added pressure, making it increasingly difficult for SOL to muster a convincing rebound. If no bullish catalyst emerges soon, the $65 target may materialize faster than expected.

Meta Description:
Solana retests breakdown zone with $65 in sight after bearish wedge pattern confirmation—price action weak.