Will Solana Price Continue Downward Trend To $65 After This?

Solana (SOL) price action has drawn attention following a technical breakdown within a right-angled ascending broadening wedge.

According to a crypto analyst, the recent breach below a horizontal support line around the $125 mark suggest a shift in market sentiment.

Solana Price To $65?

Ali Martinez observed that the setup of the pattern—consisting of horizontal support and rising resistance lines—typically signals increasing volatility with uncertain direction until a decisive breakout or breakdown occurs.

Martinez pointed out the potential retest of the former support, which may now be acting as resistance.

This phase is often a critical point in price evaluation, as failure to reclaim the previous range can indicate further weakness. The analyst has identified a possible downside target near $65.

Breakdown Below $125 Raises Bearish Concerns

SOL price recently fell beneath a key horizontal support level near $125. This drop came after a prolonged phase of fluctuating movement within the broadening wedge pattern.

The breach of this level suggests a shift from consolidation to potential downward momentum, marking an exit from the earlier trading range.

The breakdown is considered technically important due to the nature of the chart pattern.

In such formations, the horizontal support serves as a floor for price action, while the ascending resistance line caps upward movements.

When price action exits through the lower boundary, it often reflects a change in market trend and can lead to further retracement.

Concurrently, the move follows a recent analysis that predicted the top altcoin will likely continue its downward trajectory amid persistent market weakness.

With Solana slipping below key support levels and facing additional token unlocks, analysts anticipate the price may test lower thresholds, including the $90 mark or even further.

However, at the time of writing, the coin was trading in green, rising by 0.34% to $128.57 in 24 hours.

Retest at Resistance Could Determine Next Move

After the initial breakdown, SOL experienced a slight upward movement, which analysts often interpret as a retest of the broken support level.

In technical analysis, this action frequently occurs when price action returns to the previous support, now acting as resistance—to determine whether buyers can reclaim lost territory or if sellers maintain control.

A failed retest usually strengthens the original breakout or breakdown signal. If SOL continues to face resistance near $125 and cannot establish sustained trading above this level, the pattern breakdown could be confirmed. In that case, the potential for additional downside to the $65 target increases.

Solana Price Prediction and Technical Analysis

Martinez’s analysis points toward a potential target of $65. This projection aligns with traditional technical analysis methods, where the height of the broadening wedge is measured and subtracted from the point of breakdown.

In SOL’s case, this calculation yields a potential downside move of nearly 50% from the $125 breakdown area.

The $65 level is a longer-term support zone if selling pressure accelerates. This price also coincides with previous accumulation levels observed earlier in altcoin’s trading history.

Despite the bearish Solana price prediction, the altcoin’s 1-day Moving Average Convergence Divergence (MACD) analysis currently shows a bullish divergence.

The MACD line currently exists above the signal line indicating a change toward bullish momentum. The recent downward momentum trends appear to lose strength as revealed by this crossover which indicates possible short-term market recovery.

Additionally, the histogram bars have flipped into the green and are gradually increasing in size, reinforcing the bullish crossover.

This indicates that the gap between the MACD and signal line is widening, pointing toward growing buying strength.

Broader Market Context and Volume Considerations

The general market sentiment, combined with trading volume makes up essential factors in validating additional price movements.

A reduced volume level during retesting demonstrates weakening momentum, while rising volume might validate either failure or potential upward trends based on upward price action.

Market dynamics in the wide crypto market provide additional variables that affect SOL prices.

The altcoin price movement might be impacted by its relationship with market leaders Bitcoin and Ethereum.

Research indicates that Bitcoin dominance has started to break away from its multi-year ascending wedge pattern which signal a potential SOL price rally.

This is because the move has historically preceded strong capital rotation into altcoins, fueling substantial rallies in the broader altcoin market. Analysts suggest this trend may be setting the stage for a potential “Altseason” extending into 2027.