Can Solana price bounce from $200 support as bullish pattern develops?

Solana price holds above $200, forming a bullish falling wedge. Key confluences like the 0.618 Fibonacci and POC hint at a possible breakout if support holds.

Solana (SOL) price has entered a controlled corrective phase, consolidating within a falling wedge pattern. This structure has confined price action for several sessions, but with strong higher time frame support forming around $200, market conditions suggest that a potential reversal could soon materialize.

From both a technical and structural perspective, Solana remains within a bullish macro framework as long as the price holds above this critical zone. Adding to its momentum, Solana recently surpassed Ethereum with $2.85 billion in annual revenue, underscoring its growing dominance in network activity and ecosystem strength.

Solana price key technical points:=

• Major Support Zone: $200 support aligns with the 0.618 Fibonacci retracement and the Point of Control (POC).
• Bullish Chart Pattern: Price is consolidating within a falling wedge formation, typically a bullish continuation structure.
• Upside Objective: A breakout from the wedge could propel SOL toward $240 and potentially higher.

The ongoing consolidation phase in Solana’s price is forming a well-defined falling wedge pattern, with dynamic resistance and support lines converging toward an apex around the $200 region. This formation is often interpreted as a bullish continuation signal, suggesting that a breakout to the upside could be imminent once the pattern completes.

From a structural standpoint, the $200 support zone holds significant importance. It coincides with the 0.618 Fibonacci retracement level from the previous swing low, as well as the POC, the area with the highest traded volume in recent sessions. This confluence creates a dense liquidity pocket where a rotation toward higher levels could easily occur, provided that buyers maintain control.

The current market structure remains favorable for bulls, as long as daily candle closes continue to hold above $200. Should Solana maintain this level and volume begin to rise, the probability of a bullish breakout increases substantially.

The first target upon confirmation of the breakout would be $240, then the previous range high, followed by potential extensions toward $260 or beyond if bullish momentum accelerates.

What to expect in the coming price action

As long as Solana maintains its footing above $200, the broader bias remains bullish. The falling wedge structure suggests a high probability of an upward breakout, potentially targeting $240 in the short term. A confirmed breakout with strong volume could open the path toward higher resistance levels near $260.