Solana (SOL) has regained critical demand levels, demonstrating resilience after a period of uncertainty. However, the altcoin has yet to confirm a breakout from the daily downtrend that began in late November. Analysts and investors are closely monitoring upcoming decisive moves that could signal the start of significant price growth.
Solana Strengthens Key Supports
Leading analyst Jelle recently highlighted that Solana has reclaimed key weekly and monthly support levels, a bullish indicator for the asset. This development has fueled optimism among investors, who see the current consolidation phase as a setup for a potential breakout. A clean break above the daily downtrend could indicate a reversal and the beginning of a new upward cycle.
Growth Potential – New Highs on the Horizon?
Solana’s ability to hold above $180 and $205 levels is a strong signal for further growth. If the altcoin can break the resistance at $230, it could pave the way for a rapid rally toward new all-time highs. In his technical analysis, Jelle pointed out that current indicators suggest the potential to reach historic price levels.
Critical Support Testing
SOL is currently trading at $214 and testing a crucial 200-period moving average (MA) on the 4-hour chart. This level is vital for maintaining the bullish structure. A breakout above the descending trendline that has capped Solana’s movements since late November could initiate a strong rally.
Analysts identify $230 as a key target. Surpassing and holding this level as support could trigger a sharp price surge.
Risks and Challenges
If SOL fails to break above $220, the bearish structure may remain intact, leading to further correction. The support at the 4-hour 200 MA plays a crucial role – breaking below this level could weaken the current bullish sentiment.
The coming days will be decisive for Solana’s price trajectory. Successfully maintaining key levels and overcoming resistance could provide the momentum for a fresh upward trend.
#solana , #blockchain , #CryptoAnalysis , #CryptoNewss , #Altcoin
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
