The cryptocurrency market is experiencing significant volatility as Bitcoin and Ethereum both declined over 5% within the last 24 hours. This selloff resulted in over $1.38 billion in liquidations across the market, with long positions taking the brunt of losses, totaling over $1.21 billion lost in a single day. This heavy selling pressure has impacted Solana (SOL), which is down more than 6% as part of this broader correction. However, an intriguing technical pattern on Solana’s daily chart suggests it may be setting up for a rebound in the coming sessions. Falling Wedge Pattern On the daily chart, SOL is currently situated within a falling wedge pattern, a well-known bullish indicator that typically emerges when sellers lose momentum and price action compresses into a narrowing structure. This recent downward movement has brought Solana down towards the wedge’s lower boundary around $135.76, a level that has acted as a firm support zone for this token. However, the price has been able to bounce back near $142.34, indicating buyers are stepping in to defend this structure. Early Signs of Potential Rebound Each instance where SOL touched the wedge’s lower boundary over the past few weeks has resulted in an immediate upward reaction. This type of price behavior often signals accumulation and seller exhaustion. If Solana continues to hold support at this level and maintains strength along the wedge’s lower trendline, a shift towards upward momentum could begin, opening the door for a stronger rally. The next key zone to watch is the $156 region, which aligns with the wedge’s upper boundary and has historically served as resistance. A confirmed breakout above this level could dramatically turn the tide in favor of bulls, potentially leading to further gains towards the $273 area – the next significant resistance. **Potential Risks** On the flip side, a failure to defend this support would be a warning sign. A breakdown could expose Solana to increased downside pressure and drive the price toward the $126 level, the next meaningful support zone. **Important Disclaimer:** This article is intended solely for informational purposes and does not constitute financial advice. Technical patterns discussed are subject to market fluctuations and may yield varying outcomes. Investors should exercise caution, conduct independent research, and make decisions that align with their own risk tolerance.