Analyst Spots Critical Falling Wedge Breakout

Crypto expert Lucky detected a falling wedge setup that had squeezed Solana's price market movement since late 2024. This setup, commonly a sign of a bullish turnaround

Main Takeaways:

* Crypto analyst Lucky has spotted a critical falling wedge breakout that could propel Solana’s price towards $180 shortly.

* A double-bottom pattern breakout and massive short liquidations are boosting the altcoin’s bullish momentum.

* On-chain data from DeFiLlama shows a $500 million increase in the total value locked in Solana’s ecosystem in the last 48 hours.

Solana’s price broke out of a falling wedge setup, pushing the altcoin above the $100 mark and unleashing significant buying pressure. In just a few days, the altcoin crossed the $150 level, confirming the trend.

Analyst’s Roadmap Sets Sight on $180

Crypto analyst Lucky had set a short-term goal of $180 for Solana’s price. His roadmap, released on April 23, predicts higher targets at $205, $263, and $296.

The breakout was also aided by a double-bottom pattern, with Solana closing above the $147 resistance. Now, this level serves as an important support zone.

Short Squeeze Accelrates Solana’s Price Rise

Moreover, a report from SolanaFloor disclosed above $20 million in short liquidations in the last 24 hours. As Solana prices surged to $152, these holdings were closed under pressure. This action added purchasing pressure and fueled the rally further.

Importantly, liquidations reduce the number of over-leveraged traders who typically slow down price movements. This factor helped create a short squeeze, allowing SOL’s price to move closer to higher resistance levels more easily.

According to CoinMarketCap, at the reporting time, Solana’s price was trading at around $151.82, rising 8.6% in the last 24 hours. Trading volume and market volatility remained high.

Meme Coin Rally Strengthens Bullish Outlook

Solana’s current rise is also being driven by a quick surge in meme coin valuations within its network. Solana meme coins have increased in worth by 23% in total market value in the past 24 hours, surging up to $8.7 billion.

BONK and WIF rose to prominence as the top tokens with their daily boost rates exceeding 20%.

Even though altcoins are going up in price, there are still legal problems. On April 21, a new complaint was filed against Meteora, a Solana-based decentralised exchange. The people suing claim that Meteora was running a pump-and-dump scam with the M3M3 token, cheating investors out of $69 million.

Despite M3M3’s price being 98% lower than its highest point, the legal attention it got made investors interested again in Solana’s other meme tokens.

On-Chain Data Confirms Strong Growth in Solana’s Ecosystem

Significantly, Solana’s price has observed a surge in on-chain activity. According to the DeFiLlama report, the overall value secured in the ecosystem has surged by $500 million in the last 48 hours. It has hit its two-month peak. At the same time, decentralised exchange volumes on Solana surged to $2.94 billion.

The growth on-chain happened along with more activity in meme tokens and greater use of DeFi. These trends show that investors are becoming more confident in using the Solana blockchain for assets and trading.

On the other hand, resistance zones at the reporting time were trading at $180, as pointed out by the double-bottom breakout projection. Additionally, the technical study of Lucky detected $205, $263, and $296 as the upcoming resistance zones.

Read Also: Bitcoin ETF Experiences $3.06B Inflows After Weeks of Losses

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