Is Solana (SOL) about to face a short-term pullback? The recent price action suggests a potential period of weakness, despite previous bullish forecasts. A key pattern emerging on the charts is a rising wedge, often seen as a bearish indicator. Higher highs and higher lows have seen SOL take shape within a rising wedge over the past 10 days. The pattern is usually given a bearish bias as investors tend to react cautiously to its formation. This comes despite earlier projections that Solana price flipped bullish, targeting $180 and $200 as next resistance levels. Macro triangle breakout projects SOL price toward $288.51, with potential for $390.

However, the situation is complex. Recent analysis indicates that Hace 1 día Solana now risks a 40% drop against Ethereum, with the breakdown of a multi-month rising wedge pattern dampening near-term Solana price forecasts. This shift comes despite previous optimism. While some analysts pointed towards positive momentum, with Solana forms a curling bottom inside a falling wedge, setting sights on a potential breakout toward $200. Source: Jesse Peralta via X. The key to watch here is whether the rising wedge formation throws a wrench into the works.

Therefore, understanding the implications of this rising wedge is crucial for anyone holding or considering investing in SOL. While the long-term outlook might still be positive, this pattern suggests that short-term volatility and a potential price correction are on the horizon. Keep a close eye on key support levels to determine the severity of the potential pullback. This doesn't negate the possibility of future gains, but it does warrant caution and a more conservative approach to Solana in the immediate future.