- The cryptocurrency market rallied strongly after President Trump announced a 90-day pause on tariffs, with Bitcoin up 6% and Ethereum surging 11%.
- ONDO gained 19% following a breakout from a falling wedge pattern, currently testing resistance at $0.95 with potential upside to $1.25.
- Solana (SOL) jumped 12% and appears to be setting up for a similar breakout from its own falling wedge pattern.
- A successful SOL breakout above $120-$125 could target $180 resistance, representing a potential 49% gain from current levels.
Date: Wed, April 09, 2025 | 06:30 PM GMT
The cryptocurrency market within the last hours has skyrocketed as President Trump announces a 90-day pause on tariffs, sparking a strong relief rally. Bitcoin (BTC) pumped 6%, while Ethereum (ETH) surged 11%, bringing a wave of green across the altcoin space.
Among the altcoins, Ondo (ONDO) is grabbing the spotlight with impressive gains of 19%, fueled by a key breakout, while Solana (SOL) is also making moves with a 12% jump, hinting at a similar breakout setup.
Ondo (ONDO) Breaks Out From Falling Wedge
Among the top movers, Ondo (ONDO) delivered a standout performance, rallying 19% in a matter of hours. What triggered this sudden upside? A textbook breakout from a falling wedge—a classic bullish reversal pattern that’s often seen near cycle bottoms.
As shown in the chart, ONDO broke out cleanly above the wedge’s descending resistance near $0.80, confirming the breakout with a strong bullish candle. Currently trading around $0.87, ONDO is testing the 50-day moving average and the horizontal resistance at $0.95.
Should this level break with conviction, eyes turn toward the next key zone—the 100-day MA near $1.13 and the psychological resistance at $1.25. That’s nearly a 40% upside from the current price.
It’s also worth noting that a retest of the breakout trendline is possible. Such pullbacks often act as confirmation before another leg higher.
Solana (SOL) Setting Up For The Breakout?
Meanwhile, Solana (SOL) appears to be following a similar script. Since topping out near $295 on Jan 19, SOL has been gradually declining within a falling wedge—mirroring the same technical structure ONDO just broke out from.
SOL recently bounced from its lower trendline near $95, and is currently trading around $119, inching closer to a breakout point. If bulls can breach the wedge’s upper boundary and maintain above the $120–$125 region, the first target would be the 50-day MA at $147.
A successful breakout could extend to the 100-day MA and $180 resistance, offering a potential 49% gain from the current price zone.
Final Thoughts
ONDO’s breakout is already sparking renewed investor confidence, and SOL may be the next in line. Both charts show bullish falling wedge patterns, which historically precede major upside moves.
While the setups look promising, traders should watch for confirmation in the form of volume, retests, and moving average crossovers. Momentum is clearly shifting, but patience and disciplined risk management remain key.
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