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As of April 24, SOL trades around $148.74 after being rejected near the wedge’s upper boundary. A breakdown from this formation could trigger a decline toward $130.94 and $114.07, marked as support targets.
Compounding the bearish view, SOL remains under its 200-day EMA ($163.05), a sign that the broader trend still favors the downside.
While volume and momentum have supported the recent rally, the Relative Strength Index (RSI) is flattening near 62.45, hinting that bullish strength may wane. Unless SOL breaks convincingly above $160, the wedge favors the bears.
Sui Breaks Out of Falling Wedge, Eyes 40% Rally
Sui (SUI) is showing strong bullish intent following its breakout from a falling wedge pattern, a classic reversal setup that often precedes sharp upside moves. The breakout, which occurred earlier this week, propelled SUI above its 50-day and 200-day EMAs, which now act as support at $2.46 and $2.75, respectively.
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