Solana Breaks Above Daily Downtrend – Analyst Expects New ATH Soon
03 Gennaio 2025 - 5:00PM
NEWSBTC
Solana has kicked off the year with an impressive 12% surge,
reaching the pivotal $210 level and reigniting investor optimism.
This rally comes as market sentiment shifts positively, fueling a
broader resurgence in altcoins. With Solana now gaining significant
traction, many are asking whether this marks the beginning of a
massive rally for the high-performance blockchain. Related Reading:
Chainlink Tunrns Resistance Into Support – ATH Next? Top analyst
Jelle recently shared a technical analysis on X, highlighting a
critical development in Solana’s price action. According to Jelle,
SOL has successfully broken a daily downtrend that originated after
it reached its all-time high. This breakout is viewed as a bullish
signal, suggesting that Solana may be gearing up for a more
extended upward move in the coming weeks. The $210 mark is crucial
for Solana, as flipping 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 unfolds, the question remains:
can Solana leverage this bullish start to achieve new highs and
solidify its position as a leading force in the crypto market?
Price Action Suggests An Upcoming Move As the crypto market
rebounds from local lows, Solana is riding the wave with impressive
momentum. The altcoin giant has continued to rise after holding 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.
Top analyst Jelle recently shared a detailed technical analysis on
X, highlighting several bullish developments for Solana. According
to Jelle, SOL has not only broken out of its prolonged downtrend
but has also reclaimed crucial monthly and weekly support levels.
Additionally, Solana is now trading back above its 50-day
exponential moving average (EMA), signaling a renewed bullish
structure and growing strength in its price action. These technical
signals suggest Solana is preparing for a significant move,
potentially driving the price to new all-time highs. However, such
a breakout will require strong market participation and favorable
sentiment in the coming weeks to sustain the rally. Related
Reading: Shiba Inu Testing A Significant Support Zone – Bullish
Breakout Ahead? For now, Solana’s performance is a testament to its
resilience, positioning it as a top contender for those seeking
growth opportunities in the altcoin market. Solana Testing
Technical Levels The Solana (SOL) daily chart is showing
promising signs of strength after a sharp bounce from the critical
$175 level, which coincided perfectly with the 200-day EMA. This
technical rebound has propelled the price to a key supply zone at
$210, a significant milestone as SOL continues to push higher. For
bulls, the immediate target must be the $230 level. Reclaiming this
area as support would likely trigger a fast and aggressive rally.
Driving Solana into uncharted territory with new all-time highs.
The confluence of technical indicators and recent bullish momentum
suggests this scenario is achievable if the broader market
continues to support the trend. Related Reading: Ethereum Stays
Within Symmetrical Pattern – Analyst Sets ETH Target However, time
is of the essence. If Solana fails to reclaim the $230 mark in the
coming weeks, the momentum could weaken, leading to sideways
consolidation. Such a consolidation phase might slow the pace but
could also build a stronger base for the next breakout. Featured
image from Dall-E, chart from TradingView
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