SOL – Bearish Rising Wedge Breakdown (Weekly Chart)The chart shows a large multi-year bearish rising wedge , which has now been broken to the downside. This wedge has been forming since the 2022 bottom and consists of clear wave structure (a–b–c–d–e), with the final wave e rejecting at the upper boundary and triggering the breakdown.
After this kind of pattern, the market often provides a relief bounce back into the broken support , which should now act as resistance . For SOL, the expected retest zone is located around $170–$190.
If price confirms resistance there, I expect the beginning of a larger downward wave , targeting the main Fibonacci zone near the 0.618 retracement, which aligns with a long-term target around $30–$40.
This zone marks the primary downside target for a full wedge breakdown.
Key Points:
Multi-year bearish rising wedge has broken.
Expected retest: $170–$190.
Major downside target: $30–$40 (0.618 zone).
Potential start of a macro corrective wave.
