Solana (SOL) finds itself at a critical level as it tests demand at a price level that was previously a major struggle. Since the end of November, the price of SOL has been going backwards, reducing the hype surrounding the cryptocurrency. The long decline has left investors uncertain about the next move for Solana, with many questioning whether it can regain its strong momentum.
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Lead analyst Jelle recently shared a technical analysis of X, shedding light on Solana's current position. According to Jelle, Solana has formed a falling wedge pattern – a classic bullish formation – into what was once a strong resistance level. The price has confirmed this level as support, providing a potential basis for a significant rally in the long term.
If the support holds, it could restore bullish sentiment and position Solana for another strong run. However, maintaining this level could be a sign of a downturn, which could erode confidence in its long-term trajectory. As Solana navigates this pivotal moment, all eyes are on whether he can regain his former glory and capitalize on the momentum.
Solana looking for fuel to take off
Solana has experienced a 23% retracement from its local level of $264, which was set on November 22. arrogant The flexibility shown by SOL at this level indicates that bullish momentum may be building as the price consolidates.
Lately Jelle's lead analyst share his thoughts on Xhighlighting a bullish technical position for Solana. According to Jelle, SOL has formed a falling wedge pattern, a structure that is often indicative of a breakout. Importantly, the wedge aligns with a key resistance level that has now proven to be support, strengthening the case for further upward movement.
Jelle also points out that Solana has made a new high low during this retracement, a possible sign that the asset is ready to resume its bullish trend. He believes Solana could re-enter price tracking before Christmas, predicting a target of $300 in the coming days.
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However, there are still risks, especially if the consolidation phase continues longer than expected. If SOL does not break out decisively, it may be difficult to regain the upward momentum necessary to challenge new highs. For now, Solana's ability to hold above $210 will be key in determining his next move.
Testing a reactive application
Solana finds itself at a critical reversal level, trading at $216 and holding firm above the $210 mark – a level that was once a major struggle. This key support level now plays an important role in determining whether SOL can ignite a historic rally. The current price action reflects growing optimism among investors, with many expecting that a stay above $210 for just a few days could trigger a sharp recovery.
Analysts suggest that if SOL maintains its position above this critical level, a rapid move to $250 may follow. Such a recovery would position Solana to regain his support momentum and could challenge his top time (ATH). Although this position may seem ambitious, SOL has previously shown that it is able to move up quickly in similar situations.
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A strong confirmation of support at the $210 level could attract renewed buying interest, creating the basis for the next phase of its rally. With a move on the horizon, the coming days will be crucial in determining whether Solana can make history and aim for unprecedented price levels.
Featured image from Dall-E, chart from TradingView
