Crypto price prediction: Solana still remain under $120, next price movement is unclear

 Crypto analysis: Solana

Solana's (SOL) price tried to move past the $120 mark on Wednesday but couldn’t manage to stay above it. This delay stopped what could have been a strong bullish breakout from a chart pattern known as the falling wedge. This pattern often appears during price drops or sideways movements and can signal a possible price increase once it ends.

A falling wedge forms when the price keeps making lower highs and lower lows, but within narrowing limits. It shows that sellers are slowly losing strength. Once the price breaks above the top line of this pattern, it usually means that buyers are taking control. If Solana can break out of this pattern, it might see a 30% rise, bringing the price up to around $142.

Even after a breakout, Solana may still run into a few hurdles. Key resistance levels are expected around the 50-day moving average at $138, the 100-day at $157.50, and the 200-day at $167. If the coin can climb past these with strong trading volume, it could be a sign that a longer-term upward trend is starting.

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The Relative Strength Index (RSI) is currently at 44.14 below the neutral zone but showing slight recovery. This suggests Solana is in a neutral zone but has room to grow. If the RSI moves above 50, it would strengthen the idea that a breakout is real and that momentum is shifting toward buyers. Another indicator MACD shows moving sideways and slight selling pressure. It means traders are unsure about next price movement.

Still, traders should stay cautious. If Solana does break out but doesn't have strong trading volume to support it, the move might not last. In that case, the price could fall back into the wedge pattern and possibly drop to $100 again, a level it tested earlier this week.

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Adding to the uncertainty is the broader market mood. Even though there’s a 90-day delay in new tariffs, investors are still being careful. Concerns about the US economy’s future are making people avoid riskier assets like cryptocurrencies for now, which could affect Solana’s performance in the short term.