Tech

Solana May Hold $190 Support After Rising Wedge Breakdown as Volume Spikes

1 hour ago
Bitcoin Ethereum News
Sheila Belson

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Solana price (SOL) fell from about $250 to test critical support near $190 after breaking a rising wedge, with volume surging above $11 billion. The $190 zone now determines whether SOL bounces toward $220 or breaks lower toward $170.

  • SOL breaks rising wedge and finds support at ~$190 — immediate test for bulls.

  • Potential double-top near $250–$260 increases reversal risk; watch $210–$215 for confirmation.

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  • Volume spiked above $11 billion during sell-offs, signalling heightened trader activity and volatility.

    • Solana price (SOL) falls to $190 after rising-wedge breakdown; read levels, volume data, and tactical guidance from COINOTAG — act on setups.

    What is driving the Solana price drop to $190?

    Solana price dropped after a rising wedge breakdown, pushing SOL from around $250 to test support near $190. Increased selling pressure and a seven-day decline near 20%, combined with volume surges above $11 billion, have amplified short-term downside risk.

    How did the rising wedge breakdown affect SOL price action?

    The rising wedge, a bearish-leaning consolidation pattern, failed to hold as SOL broke the wedge’s lower structure and retested the former support-turned-resistance. After the break, sellers accelerated the decline toward the wedge’s lower trendline, establishing the $190 area as a key battleground.

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    Source: IncomeSharks Via X

    After an initial retest of the broken wedge support, SOL gave way and collapsed toward the lower trendline. That line now anchors the $190 support zone. If that level holds, buyers may stage a recovery; if it fails, sellers could target lower horizontal supports near $170.

    Why does the double-top near $250 raise reversal concerns?

    A possible double-top formed around $250–$260, creating a clear resistance area that preceded the recent decline. The pattern suggests a failed attempt to resume the prior uptrend, increasing the probability of a corrective move unless buyers quickly reclaim control above $220–$225.

    If SOL sustains the $190 support, a measured bounce toward $220 is likely. Conversely, a decisive break below $190 could accelerate selling and drive prices toward $170 or lower. Short-term traders should watch daily candle closes around the $210–$215 zone for momentum confirmation.

    Volume and momentum: what will confirm the next move?

    Volume spikes during the sell-offs — exceeding $11 billion over the seven-day stretch — indicate heightened trader participation and indecision. Momentum indicators remain fragile; a convincing bullish reversal will need expanding volume on up-days and sustained closes above $215.

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    Institutional activity and on-chain usage remain supportive of Solana’s medium-term demand profile, but technical risk dominates the immediate outlook. Traders should prioritize risk management and position sizing until clearer price structure emerges.

    How to trade SOL after the wedge breakdown?

    1. Set risk zones: place stop-losses below $185 if initiating long positions near $190.

    2. Wait for confirmation: target a daily close above $215–$220 before adding size for a bullish trade.

    3. Use scaled entries: add increments on a confirmed bounce and reduce exposure if volume does not support the move.

    4. Plan for the alternative: prepare short or hedge strategies if $190 fails and price trends toward $170.

    Price level summary

    LevelRoleImplication
    $190Immediate supportHolds = potential bounce; break = risk of deeper decline
    $210–$215Momentum confirmation zoneClose above signals bull control
    $250–$260Double-top resistanceRejection area; key for trend direction
    $170Lower support targetPossible downside if wedge support fails

    Frequently Asked Questions

    What are the key Solana support and resistance levels right now?

    Primary support is around $190; momentum confirmation requires closes above $210–$215. Immediate resistance sits near the double-top at $250–$260.

    How significant is the recent volume spike for SOL?

    The volume surge—exceeding $11 billion over the week—signals elevated trader activity and confirms the strength of the recent sell-off. High volume increases the chance of sustained moves in the breakout direction.

    When will the trend be clear for SOL?

    Watch daily closes and volume: a sustained daily close above $215 with expanding volume would favor a bullish reversal; a break below $190 with heavy volume would confirm bearish continuation.

    Key Takeaways

    • Immediate test at $190: Holding this zone is essential for any bullish recovery.
    • Double-top risk: The $250–$260 area remains a significant resistance and reversal point.
    • Volume confirms moves: Expanding volume on up-days is needed to validate any rally; otherwise, downside risk grows.

    Conclusion

    Solana price (SOL) faces a pivotal moment after breaking a rising wedge and testing $190 support. Technical patterns — including a potential double-top and heightened volume — point to a fragile near-term outlook. Traders should monitor $210–$215 for momentum confirmation and use disciplined risk management as the market decides the next direction. COINOTAG will continue to monitor on-chain metrics and market flow for updated trade setups.

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    Source: https://en.coinotag.com/solana-may-hold-190-support-after-rising-wedge-breakdown-as-volume-spikes/