Solana (SOL) has been holding steady above a critical demand level near $210, a key area that could ignite a major bull run. After hitting an all-time high (ATH) on November 22, Solana has experienced a 23% retracement, testing investor confidence. However, analysts remain optimistic, with many expecting a big move up in the coming weeks.
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Recently the famous analyst Jelle shared a technical analysis highlighting the strong potential of Solana. According to Jelle, the monthly chart for SOL is primed for a “total monster run,” indicating that the current level of consolidation could be setting the stage for a powerful breakout. This sentiment aligns with the broader view that Solana's resilience above $210 could be the basis for the next phase of its rally.
As one of the leading altcoins in the crypto market, Solana has attracted attention for its strong performance and potential to lead the next phase of the bull market. With the price now consolidating after a sharp pullback, all eyes are on SOL's ability to maintain its critical support and move back. Whether Solana can deliver on its supportive promise will be a key focus for traders and investors alike in the coming weeks.
Solana has a major demand
Solana is currently trading above a critical level for this cycle – the $210 mark. This price point, which was previously a major resistance, has now moved to a critical support level, setting the stage for Solana's next rally. The importance of this level cannot be overemphasized, as it represents a key area where buyers step in to protect SOL's bullish momentum.
The famous analyst Jelle recently shared a strong technical analysis of Xemphasizing Solana's strong attitude. According to Jelle, Solana's monthly schedule is based on what he described as “an absolute monster run.” His analysis shows how the price of SOL is now testing its 2021 all-time high (ATH) as support, a critical moment that could determine its path in the coming weeks .
Jelle's simple but powerful chart shows that if Solana manages to push decisively above the $210 level, it will prove the strength of this support and could trigger a massive bull run. This rally could bring huge benefits to SOL, positioning it as a unique actor in the crypto market.
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For now, all eyes are on Solana's ability to maintain his momentum and break higher. As it consolidates above this critical level, traders and investors are keeping a close eye on their next moves, anticipating the possibility of a historic price increase.
Price action suggests a big move in the near future
Solana is trading at $221, maintaining its strength above the critical $210 support level. This resilience has boosted confidence among investors, as SOL's price action aligns nicely across all time frames. Solana is preparing for a big rally, but he must first overcome the $245 resistance level to confirm the upside.
Market dynamics indicate that SOL is in a prime position to move up. Unlike other assets that may show signs of laziness or consolidation, Solana exhibits a well-defined price structure that strongly favors breakouts. The lack of bearish signals further strengthens this view, as there is little indication of an impending correction or long trade on the side.
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If SOL succeeds against $245 with strength, it could trigger a wave of buying pressure, moving the price to new heights. Many traders at this setup are looking at possible next levels for Solana, with the broader market sentiment favoring continued gains.
Featured image from Dall-E, chart from TradingView
