A risky price correction might be on the horizon for SOL. A bearish setup might drop its price 35% by September.
) risks a significant price correction in the coming weeks owing to a classic bearish reversal setup.rising wedgeRising wedges typically result in breakdown, resolving after the asset's price break below the lower trendline. If the price follows the breakdown scenario, it could fall by as much as the maximum distance between the wedge's upper and lower trendline.
SOL is far from a breakdown but trades within a falling wedge range, as shown in the chart below. The token eyes an immediate pullback from the wedge's upper trendline with its interim downside target sitting at the lower trendline around $45.It will risk falling toward $30 if the price breaks below the lower trendline while accompanying a rise in trading volumes. In other words, a 35% price drop by September.
Conversely, a bounce from the lower trendline could have SOL eye an immediate rebound toward the wedge's apex point at around $53.50. A decisive breakout above the upper trendline would invalidate the bearish reversal setup, if SOL rises to the 50-3D exponential moving average near $58.
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