SOL rebound cooled off? Rising wedge suggests increased correction pressure

Question

【Crypto World】SOL's recent rally looks promising, but there are hidden risks from a technical perspective. The chart has formed a classic ascending wedge, which typically indicates risk accumulation.Interestingly, on-chain activity is surging—recently, the number of new addresses per day has exceeded 8 million, which is indeed impressive. However, the story on the chain is different. The purchasing power of long-term holders is declining, which is a subtle signal. In other words, buying interest is retreating, while selling pressure is gathering strength.From a price perspective, SOL is currently hovering around $144. Once the wedge pattern is broken, the decline could reach about 9.5%, targeting around $129. In the short term, caution is advised. The combination of technical patterns and this on-chain data shift warrants close attention to the upcoming trend.

AlphaLeaker · Accepted Answer

Hmm... If this wedge breaks, be really careful. The long-term account withdrawal signals are too obvious.

ForeverBuyingDips · Answer

8 million new addresses sound impressive, but are long-term holders selling off? That's the real danger signal. Having just popularity without large investors stepping in is indeed hollow.

consensus_failure · Answer

Sextile breakdown at 129, I already sold early. Now these numbers are a bit scary... Long-term holders are all withdrawing, what does that indicate?

OnChainArchaeologist · Answer

I've seen this ascending wedge pattern many times, and every time I think it's trying to trick me into bottom fishing haha. The key signal is long-term holders retreating.

GateUser-9ad11037 · Answer

Activity levels soar, but are the big holders selling off? This signal is a bit hard to believe. Let's wait and see in the short term.

ChainSauceMaster · Answer

It's the same old trick again. When prices are rising happily, that's the most dangerous time. Long-term holders have already sold, and we're still here picking up the slack?

MrDecoder · Answer

The wedge breakdown at 129 level has been waiting for this moment for a long time. Long-term holders have withdrawn their buy orders and followed suit, this signal is too obvious.

SOL rebound cooled off? Rising wedge suggests increased correction pressure

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