Solana’s price is holding firm above the $200 mark, consolidating within a bullish falling wedge pattern that may signal a potential upside breakout. Confluences such as the 0.618 Fibonacci retracement level and the Point of Control (POC) reinforce the importance of this support area, suggesting that buyers could soon regain momentum.
$200 support aligns with key technical confluences
Solana (SOL) has entered a controlled corrective phase, with price action confined within a falling wedge pattern over recent sessions. The $200 zone has emerged as a crucial support level, aligning with both the 0.618 Fibonacci retracement and the POC—indicating a dense area of liquidity and historical trading interest.
As long as Solana’s price remains above this region, the broader market structure stays bullish. From a higher time frame perspective, this zone serves as the foundation for a potential reversal, positioning SOL for renewed upside momentum once buying pressure strengthens.
Bullish wedge hints at breakout potential
The falling wedge formation—a pattern typically associated with bullish reversals—is nearing its apex around the $200 level. A decisive breakout above the wedge’s descending trendline, confirmed by increasing trading volume, could propel SOL toward initial resistance at $240.
If momentum continues, the next target lies near $260, representing a potential 25–30% upside from current levels. The broader technical outlook remains supportive of continuation higher as long as daily closes hold above $200.
Fundamental tailwinds support bullish bias
Beyond technical indicators, Solana’s strong network performance is adding to bullish sentiment. The blockchain recently overtook Ethereum in annual revenue, generating roughly $2.85 billion—a milestone that highlights its growing dominance in network activity and decentralized app adoption.
What to expect in the coming sessions
If Solana maintains its footing above $200, the probability of a bullish breakout remains high. Traders will be watching for a clear break of wedge resistance accompanied by strong volume confirmation. Should this scenario unfold, SOL could target $240 initially, followed by $260 or higher in the medium term.
Conversely, a daily close below $200 would invalidate the bullish structure and expose the token to potential downside toward the next major support at $180.
