The Solana (SOL) community has been closely monitoring the crypto’s price movements as it endures a relentless downward trend. Notably, this corrective phase has adhered to a distinct pattern, encapsulated within two converging trendlines, forming what technical analysts identify as a descending wedge formation.
Historically, such patterns have acted as precursors to substantial bullish surges upon breaking free from the upper resistance. The question that now lingers in the minds of crypto enthusiasts: Is Solana poised for a bullish turnaround, or should we brace for more market turbulence?
At present, Solana is trading at $17.86, according to CoinGecko data. Over the last 24 hours, it has witnessed a modest decline of 0.5%, contributing to a seven-day slump of 10.4%. The intriguing aspect is that SOL’s