8-9-2025 – Solana (SOL) has developed a rising wedge formation on its 4-hour chart, with technical analysts warning of potential downside toward $160 as momentum weakens despite recent price gains, according to chart analysis first highlighted by trader Ali on social media.
Solana $SOL forms a rising wedge pattern, pointing to $160. pic.twitter.com/RGTubaI9Us
— Ali (@ali_charts) September 7, 2025
The bearish technical pattern, which has been forming since June, shows SOL currently trading near $202 within converging trend lines that signal diminishing upward momentum. The wedge structure places immediate resistance around $210-$216, while support rests along ascending lows that have held for months. Rising wedges typically resolve with downward price breaks as buying pressure fails to sustain higher highs within the narrowing formation.
Key Fibonacci retracement levels mark potential support zones if selling accelerates. The 0.786 level at $191 represents the first major test, followed by deeper targets at $177 (0.618 retracement) and $167 (0.5 retracement). A more severe breakdown could push SOL toward the $157-$144 range, where stronger historical support levels converge.
Traders are monitoring two primary scenarios: an immediate breakdown confirming the wedge pattern with a move toward $160, or a final retest of resistance near $216 before the anticipated bearish resolution.
