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The cryptocurrency market showed signs of life yesterday after enduring weeks of persistent selling pressure, with many assets starting to recover. Solana, one of the best-performing cryptocurrencies, joined the rally, rising more than 10% in just 24 hours. This upward momentum is sparking renewed optimism among investors, with hopes that the market could shift towards a more bullish trend.
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Lead analyst Jelle weighed in on Solana’s recent price action, sharing a detailed technical analysis on X. According to Jelle, Solana’s next key hurdle is the $210 level. If SOL manages to recapture this zone as support, the path to new all-time highs could quickly follow. This level represents a significant resistance point, making it a crucial area to watch in the coming days.
The recent market turnaround has brought new attention to Solana, as its technical setup positions it as a leader in this recovery phase. Investors are closely monitoring the price action, eager to see if it can maintain its current momentum. As the market wakes up, Solana’s next move could set the tone for his performance in the coming weeks.
Solana shows strength
Solana has demonstrated remarkable resilience amid the recent market turbulence, holding above the critical $180 level. This price point, which once represented significant resistance, has now turned into robust support, underscoring Solana’s relative strength. As the broader cryptocurrency market begins to show signs of renewed optimism, Solana appears well positioned for a significant upward move.
Analyst Jelle recently provided an encouraging technical analysis on X, highlighting Solana’s rebound from key levels. According to Jelle, SOL successfully retested both its trendline and horizontal support before recording a sharp rebound.
This technical setup suggests that the asset is preparing for a larger breakout. The next critical target lies at $210, a key resistance zone. If Solana were to regain this level and consolidate above it, it would likely open the door to new all-time highs.
This bullish outlook is echoed by numerous analysts and investors who are closely watching Solana’s price action. Many believe that once SOL breaks above $210, its path to clearing previous highs will be swift and decisive.
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Solana’s strong fundamentals, combined with its recent price performance, have made it a standout stock in the current market recovery. If momentum continues to grow, Solana could become a leader in the next bullish phase, surpassing its all-time high in record time.
Technical analysis: key levels
Solana (SOL) is trading at $207, showing notable strength after sharply rebounding from the 200-day EMA at $175 on Dec. 23. This bounce was crucial, as holding the 200-day EMA confirmed a bullish price structure, ensuring buyers regained control after weeks of market uncertainty. The successful defense of this critical level has positioned Solana as one of the most promising assets for an imminent breakout.
Now trading above $200, Solana is on the verge of testing its all-time high (ATH). If the bulls can maintain the momentum and reclaim the $230 mark, the next move is expected to be aggressive. Analysts and traders are closely monitoring this level as it could serve as final resistance before SOL ventures into uncharted price territory.
The bullish momentum is further strengthened by Solana’s strong fundamentals and its ability to hold key support zones amid broader market volatility. A breakout above $230 would likely attract new capital, fueling a rally that could redefine its long-term trajectory.
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While challenges remain, particularly with market-wide sentiment still finding its feet, Solana’s recent price action strongly indicates that a massive move is on the horizon, potentially taking it past its previous high in record time.
Featured image of Dall-E, TradingView chart