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Solana started the year with an impressive 12% rise, reaching the $210 pivot level and reigniting investor optimism. This rise comes as market sentiment turns positive, leading to a broader resurgence of altcoins. With Solana now gaining significant traction, many are wondering if this marks the beginning of a massive rise in high-performance blockchain technology.
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Senior Analyst Jelle recently shared a technical analysis of X, highlighting the crucial development in Solana’s price action. According to Jelle, SOL successfully broke the daily downtrend that arose after reaching an all-time high. This breakout is seen as a bullish signal, indicating that Solana may be preparing for a more extended upward move in the coming weeks.
The $210 mark is crucial for Solana, as turning it into support could pave the way for a sustained rally. With altcoins showing strength across the board, investors will be closely watching Solana’s ability to capitalize on this momentum. As the new year begins, the question remains: Can Solana leverage this bullish start to achieve new highs and consolidate his position as a leading force in the cryptocurrency market?
Price action indicates an upcoming move
As the cryptocurrency market rebounds from its local lows, Solana is riding the wave with impressive momentum. The altcoin giant continued to rise after maintaining a critical demand level above the $180 mark. This has sparked optimism among investors, who increasingly view Solana as a resilient and promising asset in the current market environment.
Geely’s chief analyst recently Share detailed technical analysis on Xand highlighted several bullish developments for Solana. According to Jelly, SOL not only broke out of its long downtrend, but also regained crucial monthly and weekly support levels. Additionally, Solana is now once again trading above the 50-day Exponential Moving Average (EMA), indicating a renewed bullish structure and increased strength in price action.
These technical signals indicate that Solana is preparing for an important move, which could push the price to all-time highs. However, such a breakout would require strong market participation and positive sentiment in the coming weeks to sustain the rally.
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Right now, Solana’s performance is a testament to its resilience, making it a top contender for those looking for growth opportunities in the altcoin market.
Solana technical level test
The Solana (SOL) daily chart is showing promising signs of strength after a sharp rebound from the critical level of $175, which perfectly coincided with the 200-day moving average. This technical bounce pushed the price into the key supply zone at $210, an important milestone as SOL continues to move higher.
For bulls, the immediate target should be the $230 level. Reclaiming this area as support is likely to lead to a rapid and violent rally. Leading Solana into uncharted territory with all-time highs. The confluence of technical indicators and recent upward momentum suggests that this scenario is achievable if the broader market continues to support this trend.
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However, time is of the essence. If Solana fails to reclaim the $230 level in the coming weeks, momentum could weaken, leading to sideways consolidation. This consolidation phase may slow the pace but may also build a stronger base for the next breakout.
Featured image by Dall-E, chart from TradingView