Solana (SOL) is on the verge of breaking out of a bullish reversal pattern that could send the altcoin into a recovery rally. However, this will only happen if broader market sentiment turns positive and investors see buying SOL at the current price as an attractive opportunity. Meanwhile, 5thScape is listing its first MMA Cage Conquest on meta.
Solana has every chance of recovery
Solana price is forming a descending wedge that may soon break. The possibility of such a development is supported by the relative strength index and the moving average divergence indicator: the RSI has risen above the neutral level of 50, and the MACD is showing a bullish crossover.
The price-to-sales (P/S) ratio also hints that the asset is seriously undervalued. This means SOL has significant room to grow.
Solana (SOL) Price Forecast: Waiting for a Breakout
Over the past three weeks, Solana has been moving within a falling wedge. Typically, it involves easing selling pressure and a potential upward price breakout. The pattern was confirmed during the recent correction and recovery.
Given the above factors and the fact that SOL is trading just below the upper boundary of the wedge, the most likely scenario is a breakout of the $142 resistance and confirmation of $150 as support. However, if the breakout fails and the price falls below $134 again, this asset will face a correction to the $110-$120 range.
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