SOL price continues its downtrend to $65 after this event?

! The price action of Solana (SOL) has attracted attention after the technical break in the perpendicular bullish expansion wedge pattern.

According to an analyst, the recent breakout of the price below the horizontal support around the $125 mark indicates a change in market sentiment.

SOL price slipped to $65?

Ali Martinez said that this pattern — which includes horizontal support and ascending resistance — usually signals increasing volatility with uncertain direction until a breakout or breakdown is apparent.

Martinez also noted the price is likely to retest the old support level and is currently acting as resistance.

This stage is usually an important point in considering price action, because if it is unable to regain its previous price range, it could signal further weakness. At the same time, the analyst identified a potential downside target to near $65.

! sol solanaSource: X## SOL breakdown below $125 mark raises concerns

SOL price has recently fallen below a critical horizontal support around $125. This drop occurs after a prolonged period of oscillations in an extended wedge pattern.

A breakout of this threshold indicates a possible transition from the consolidation phase to the potential bearish dynamics and exit the previous trading range. This is considered an important technical signal due to the characteristics of the chart pattern.

In such patterns, horizontal support acts as a price floor, while the ascending resistance line limits upward moves. When the price breaks out of the lower border of the pattern, this usually reflects a change in market trend and can lead to deeper retracements.

At the same time, the move follows a recent analysis that predicts the altcoin is likely to continue its downtrend amid continued market weakness.

With Solana sliding below key support levels and about to face additional token unlockings, analysts predict the price could test lower levels, including the $90 mark or lower.

However, at the time of writing, the coin is trading in the green, up 3.7% to $131 in 24 hours.

Retest Resistance zone can decide the next direction

After the initial breakout, SOL recovered slightly, which analysts often view as a retest of the broken support level.

In technical analysis, this action usually occurs when the price returns to the previous support zone—which now acts as resistance—to determine whether buyers can regain lost price zones or sellers are still controlling the market.

Failed retests often reinforce the original breakout or breakdown signal. If SOL continues to encounter resistance around the $125 mark and is unable to sustain stable trading above this level, then the likelihood of a confirmed breakdown pattern increases. In that case, the risk of the price falling further towards the $65 target will be higher.

SOL price prediction and technical analysis

Martinez's analysis shows a potential target at $65. This forecast is consistent with traditional methods of technical analysis, where the height of the extended wedge pattern is measured and subtracted from the breakout point.

For SOL, this calculation gives a nearly 50% bearish scenario from the breakdown zone around $125. The $65 level is seen as a long-term support zone if selling pressure intensifies. This is also an area that coincides with previous accumulation levels that have been recorded in the altcoin's trading history.

Although the Solana price prediction is bearish, the analysis of the MACD indicator (Đường moving averages converging/kỳ) on the 1-day timeframe is currently showing a bullish divergence signal.

Currently, the MACD line is above the signal line, i.e. there is a possibility of a turn to the uptrend. The recent downtrend shows signs of weakness, as shown by this crossover — a signal that the market may recover in the short term.

! sol solanaSource: TradingViewAlso, the chart columns have turned green and are gradually increasing in size, reinforcing the bullish crossover signal. This shows that the gap between the MACD line and the signal line is widening, reflecting that buying power is strengthening.

General market context and volume factor

The general sentiment of the market, combined with trading volume are important factors in confirming the next price movement. A decrease in trading volume during the retest indicates weakening momentum, while an increase in volume may confirm a failure or an uptrend depending on the direction of the price movement.

Market dynamics throughout the crypto sector also contribute to the influence on SOL prices. The price movements of this altcoin can be impacted by its relationship with market leaders such as Bitcoin and ETH.

Studies show that Bitcoin's dominance index has begun to break out of a multi-year bullish wedge pattern — a signal that could lead to a sharp SOL rally. In the past, such moves often preceded large capital flows into the altcoin market, driving significant growth spurts across the altcoin market.

Analysts say this trend may be setting the stage for an "altcoin season" that will last until 2027.

Disclaimer:*** The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

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