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The cryptographic analyst Ali Martinez highlighted a crucial moment for the action of Solana’s price, indicating a Key support level within a parallel channel. His technical analysis, which is based on the action of the Sol price on the daily time period of candelabra, shows that Altcoin has been exchanged in a trend channel since July 2024.
In particular, this trend channel was highlighted by the formation of higher and highest minimum minimums while Solana continued to push towards new maximums of all time.
Now, Martinez has noticed that the hold above a key support level could strengthen the uphill tendency of altcoin towards the upper trend line of the support channel.
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Hallaist technical outlook: a level of support for make-or-break
At the time of Martinez’s analysis, Solana was exchanged at $ 193, following a burst of drop during the last week. In particular, this decline saw Solana hit the lower trend line of this trend channel. As such, the analyst observed that the action of Sol from here could determine his next great move.
If Solana manages to keep above this level of support, the rise in the rise could resume strength and the channel will still be at stake. In this case, Solana will still be on the right way to push towards the upper end of the canal, which puts the objective of about $ 387. On the other hand, if the support fails, a deeper correction could be on the table.
Image X: Ali_charts
Solana price action: a roller coaster tour at $ 293 and return
Sol is one of the most performing cryptocurrencies in the current cryptocurrency cycle, with its price recently rising to the stars on a new historic maximum of $ 293 on January 19th.
The event was mainly led by a wave of interest After the launch of Trump Meme’s official currency on the Solana blockchain, adding momentum to an already bullish trend for Altcoin. However, since then the euphoria has cooled, with Solana. a 30% drop From the historical high.
Since the time of the analysis, Solana has managed to bounce slightly from the lower limit of her trend channel. Solana is currently exchanged at $ 204, which means that it has increased by about 5.7% since Martinez highlighted the key support area.
This reversal suggests that the trendy channel is still at stake and Solana could continue to push up until you reach $ 389. It is interesting to note that this price of price at the higher end of the channel is strengthened by the extension indicator of Fibonacci.
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This indicator is extended by the minimum sole of $ 109 in August 2024 and the price target of $ 389 is at the level of extension of 1,272. The meaning of this extension is strengthened by the fact that the January peak of Solana also coincided with the 1.0 Fibonacci level.
Despite this healing, the upward momentum has Still to confirmed completely himself with a strong breakout. There is still the possibility that Solana can Chop the lower limit again of the channel before establishing a more decisive tendency to rise.
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