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Solana recently broke its yearly high of $210, which has led to an increase in trading activity as the altcoin is now trying to consolidate above this key level. This period of volatile price action highlights Solana’s strong position within the market, as investors watch for signs of a further breakout.
Senior analyst and investor Immortal recently shared an insightful technical analysis comparing Solana’s chart to Bitcoin’s historical price movements, suggesting that Solana’s next breakout could be imminent.
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As the market reaches new highs, Solana’s ability to hold above $210 could signal strength, attracting additional interest from retail and institutional investors. In the coming days, Solana’s price action will likely demonstrate whether this consolidation phase is merely a temporary pause before a more substantial move.
With the broader cryptocurrency market reaching unprecedented levels, Solana is positioned at a critical juncture, and traders will be closely monitoring its performance for signs of its upward trajectory continuing.
Solana prepares for the rally
Solana looks poised for a major rally, having emerged from an 8-month accumulation phase that began in March. This crucial development has caught the attention of top Inmortal analysts and traders, Who shared an analysis on Xcomparing Solana’s recent chart patterns to those of Bitcoin. His technical perspective suggests that Solana mirrors previous Bitcoin price action and could be on the cusp of a major rally.
After breaching the yearly high of $210, Solana’s next target is likely to be the all-time high of $258. This level is viewed by many as a crucial resistance level, and a successful test could pave the way for larger price gains. The breakout from this extended accumulation phase has strengthened confidence in Solana’s bullish structure, and the market is closely monitoring signs of sustained momentum.
The timing of this potential move is also strategic. As Bitcoin consolidates below its all-time high, a period of stability could provide an ideal window for altcoins, especially Solana, to gain traction. This pause in Bitcoin’s rise allows liquidity to shift toward other strong projects, putting Solana in a good position for a potential continuation of its upward trend.
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The next few days will be pivotal for Solana as traders look to see if he can maintain support above $210. If Solana holds this level and the momentum remains, a push towards the all-time high at $258 could unfold quickly, further cementing its role as a leading altcoin in the current bullish phase of the market.
SOL test of recent supply levels before ATH
Solana is currently trading at $220, having broken its yearly highs, but is now facing some volatility as traders evaluate the next move. With SOL just 17% away from its all-time high of $258, many are watching closely to see if it can maintain this momentum without giving traders any lower entry points.
The $210 support level is especially crucial in the coming days. If SOL fails to hold above this mark, a short-term correction could send prices lower, which could provide some room for buyers looking to get in before the next rally. However, if SOL remains firm above $210, the possibility of a rapid rise to new highs becomes stronger, as this indicates continued bullish strength in a market eager for upward movement.
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As Solana continues to consolidate at these high levels, a decisive breakout could ignite a rapid rally, attracting the interest of individuals and institutions. Traders are preparing for either outcome: a short correction as a buying opportunity, or a breakout that takes Solana into uncharted territory, setting new highs and confirming its place among the best-performing altcoins this cycle.
Featured image by Dall-E, chart from TradingView