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Solana (SOL/USD) enters the week trading near $205 to $215, consolidating within a wedge pattern as the broader crypto market reels from what many are calling the biggest crash in its history. Triggered by geopolitical tensions and excessive leverage, the October 2025 flash crash wiped out over $500 billion in market cap across major digital assets. Bitcoin plunged from $126K to under $105K, Ethereum dropped nearly 11%, and Solana saw a sharp 17.8% decline to $183.93.
Market sentiment: Panic, leverage and a search for stability
The crash was sparked by a surprise announcement of 100% tariffs on China, which sent shockwaves through global markets and triggered a cascade of liquidations in crypto. While the initial panic has subsided, sentiment remains fragile. Traders are now looking for signs of recovery, and the price action of Solana is drawing attention as it attempts to stabilize above key support zones.
Technical analysis: Solana consolidates within wedge pattern
SOL is currently consolidating inside a wedge formation, with resistance near $210 to $215. A clean breakout above $215 could trigger bullish momentum toward $230, $240 and possibly $250 to $260 if broader sentiment improves. Conversely, a breakdown below the wedge’s lower boundary near $190 to $200 would suggest renewed downside pressure.
- Resistance: $215, $230, $240 and $260
- Support: $205, $190 and $174 to $180
- Bullish setup: Long entries on breakout above $215 or dips to $200 to $205 if support holds.
- Bearish setup: Short positions if price rejects resistance or breaks below $200, targeting $190 and $174 to $180.
- Range trading: Trade within the wedge until breakout confirms direction, using tight stops.
Recovery or reversal? What you should monitor
With Solana stabilising above $190 and reclaiming key accumulation zones, traders are cautiously optimistic. However, confirmation of a breakout or breakdown is essential before committing to directional trades. Watch for volume spikes, macro headlines, and Bitcoin dominance shifts to guide positioning.
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