Solana is currently trading above key demand levels, showing resilience after weeks of market uncertainty. However, the altcoin has yet to prove a breakout from the daily decline that began at the end of November. As SOL continues to move near critical technical levels, analysts and investors are watching closely for a decisive move that could signal the start of a major rally into find prices.
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Lead analyst and trader Jelle recently shared a detailed technical analysis of X, revealing that Solana has regained weekly and monthly support levels. According to Jelle, SOL's ability to stay above these supports is a very strong signal. This development has fueled optimism among investors who see Solana's current consolidation as a scenario for a major breakout.
Despite the positive signs, SOL must overcome his daily decline to confirm a bullish reversal. A clean break above this line would indicate a move in favor of the bulls, setting the stage for a possible rally towards new highs.
As market sentiment improves and technical indicators align, Solana could soon become a key asset in the crypto market's recovery. The coming days will be crucial in determining whether SOL can take advantage of its strong support levels and push higher.
Solana – Breakout Machines has major levels
Solana has shown renewed strength in the market, breaking above critical levels of $180 and $205. This move has restored investor confidence, with many viewing Solana as a mover poised for further gains. After weeks of market uncertainty, SOL's ability to regain these levels signals a possible bullish recovery.
Lately Jelle's lead analyst share technical analysis of Xemphasizing Solana's strong position. He pointed out that SOL is back above key weekly and monthly support levels, adding that its current price action indicates it is willing to push higher. According to Jelle, Solana's technical indicators align with the possibility of reaching all-time highs in the coming weeks.
However, the way forward is not without challenges. Solana is still in a broader bearish structure that started in late November, and a clean break is needed to confirm a new uptrend. Breaking through this structure would establish clear bullish momentum and set the stage for a rally into price discovery.
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The next few days will be crucial for Solana as he navigates this important moment. If the altcoin can maintain its momentum and break out of its bearish frame, it could consolidate its position as a market leader, furthering the excitement of investors for the rest of the year.
Testing a key push request
Solana (SOL) is currently trading at $214, testing the critical support of the 4-hourly 200 moving average (MA). This level is an important indicator of short-term trend, and it is necessary for SOL to be above it to maintain its supporting structure. The market is watching closely to see if Solana can use this support as a starting point for a breakout.
To restore a strong trend, SOL must break above the decline line that has defined its price action since November 22. Analysts point to $230 as the critical level for recovery. If SOL manages to advance above this mark and hold it as support, the rally is expected to be both big and fast, possibly moving the price to new highs.
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However, there are risks if SOL does not rise above $220. Such a situation could indicate that the bearish structure is still intact, which could send Solana into a deeper correction. Holding support at the 4-hour 200 MA will be critical to avoid further declines and keep investors' hopes alive. The next few days will be very important for Solana's price path.
Featured image from Dall-E, chart from TradingView
