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Solana (SOL) captured the market’s attention after a series of volatile days, finally breaking through the $225 level to hit new yearly highs. Solana stock is currently trading at $235, just 10% below its all-time high, sparking excitement among investors and analysts alike.
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Senior analyst Ali Martinez recently shared a chart highlighting Solana’s potential for further upside. According to Martinez, the price is targeting the $250 level, which represents an important supply area. A successful break above this level could pave the way for Solana to challenge the all-time high, igniting a wave of bullish sentiment across the market.
The next few days are expected to be crucial for Solana as he tests the flexibility of his upward path. Bitcoin’s bullish performance is also fueling optimism across the market, further supporting Solana’s price action. The recent breakout indicates increasing bullish momentum as Solana continues to outperform many other altcoins in the cryptocurrency market.
Solana is about to go into price discovery
Solana is about to enter price discovery after successfully confirming a breakout above the $225 resistance level. This pivotal move has boosted bullish sentiment, with many analysts predicting an imminent rally to all-time highs. With Solana breaching key supply levels, its strong price action has made it one of the most promising assets in the current market cycle.
Martinez shared his technical analysis on Xstressing the importance of this breakthrough. According to Martinez, Solana appears to be entering a bullish phase, and this latest rally is just the beginning of a much larger uptrend.
He identifies $250 as Solana’s next target, which is just below the all-time high of $259 set in November 2021. Martinez notes that hitting these levels could spark a sustained rally, pushing Solana into price discovery territory.
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Confirmation of a break above the $225 level indicates growing demand, driven by institutional interest and broader market optimism. If Solana succeeds in testing and holding above the $250 level in the coming days, it could trigger a domino effect, paving the way for further bullish momentum. Going into price discovery will likely attract significant buying pressure, pushing Solana into uncharted territory and making new highs.
Bullish Price Action: SOL Levels to Watch
Solana is trading at $236, surpassing its yearly highs and setting a new local high just 10% below its all-time high (ATH). The price is up 9% today, indicating strong upward momentum and renewed investor confidence in Solana’s upward trajectory. Bulls appear to be in complete control of the price action, as demand creates significant upward pressure.
To sustain this breakout and maintain its bullish momentum, SOL must remain above the $225 mark in the coming days. This level is now an important support area that confirms the validity of the recent breakout and paves the way for Solana to challenge ATH. A successful retest and stability above $225 will likely pave the way for SOL to continue its ascent towards new highs.
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However, if the SOL fails to maintain this critical level, a period of lateral consolidation may arise. This consolidation phase will not necessarily indicate weakness, but rather a healthy pause, allowing the market to absorb recent gains before resuming its upward trend. In this scenario, the bulls will still have the opportunity to regain control and push SOL to new highs after establishing a stronger foundation. For now, all eyes are on Solana as it nears price discovery and potential new ATHs.
Featured image by Dall-E, chart from TradingView
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