Solana Back Above Weekly & Monthly Support Levels – Analyst Expects New ATH
06 Gennaio 2025 - 10:00PM
NEWSBTC
Solana is currently trading above key demand levels, showcasing
resilience after weeks of market uncertainty. However, the altcoin
is yet to confirm a breakout from the daily downtrend that began in
late November. As SOL continues to hover near critical technical
levels, analysts and investors are closely watching for a decisive
move that could signal the start of a massive rally into price
discovery. Related Reading: Dogecoin ‘Looks Undeniably Impulsive’ –
DOGE/BTC Ratio Uncovers Strong Accumulation Top analyst and trader
Jelle recently shared a detailed technical analysis on X,
highlighting that Solana has reclaimed crucial weekly and monthly
support levels. According to Jelle, SOL’s ability to stay above
these supports is a strong bullish indicator. This development has
fueled optimism among investors who see Solana’s current
consolidation as a setup for a significant breakout. Despite the
positive signs, SOL needs to overcome its daily downtrend to
confirm a bullish reversal. A clean breakout above this trendline
would signal that momentum has shifted in favor of the bulls,
setting the stage for a potential rally toward new highs. As the
market sentiment improves and technical indicators align, Solana
could soon become a leading asset in the crypto market’s recovery.
The coming days will be pivotal in determining whether SOL can
capitalize on its strong support levels and push higher. Solana
Holds Key Levels – Breakout Looms Solana has shown renewed strength
in the market, breaking above the critical $180 and $205 levels.
This move has reignited investor confidence, with many viewing
Solana as a trendsetter poised for further gains. After weeks of
market uncertainty, SOL’s ability to reclaim these levels signals a
potential bullish resurgence. Top analyst Jelle recently shared a
technical analysis on X, emphasizing Solana’s strong position. He
highlighted that SOL is back above crucial weekly and monthly
support levels, adding that its current price action suggests
readiness to push higher. According to Jelle, Solana’s technical
indicators align with the possibility of reaching new all-time
highs in the coming weeks. However, the path forward is not without
challenges. Solana remains in a broader bearish structure that
began in late November, and a clean breakout is required to confirm
the start of a new upward trend. Overcoming this structure would
establish clear bullish momentum and set the stage for a rally into
price discovery. Related Reading: Ethereum Analyst Predicts A
Bullish Q1 – Can ETH/BTC Ratio Push Above 0.04? The next few days
will be critical for Solana as it navigates this pivotal moment. If
the altcoin can maintain its momentum and break out of its bearish
framework, it could solidify its position as a market leader,
driving investor excitement for the rest of the year. Testing Key
Demand To Push Up Solana (SOL) is currently trading at $214,
testing the critical support of the 4-hour 200 moving average (MA).
This level is a significant indicator of short-term momentum, and
holding above it is essential for SOL to sustain its bullish
structure. The market is watching closely to see if Solana can use
this support as a springboard for a breakout. To reignite bullish
momentum, SOL must break above the downtrend line that has defined
its price action since November 22. A decisive move above this
resistance would signal strength and pave the way for a rally.
Analysts point to $230 as the crucial level to reclaim. If SOL
manages to rise above this mark and hold it as support, the rally
is expected to be both massive and fast, likely propelling the
price into new highs. Related Reading: ETH Faces Aggressive
Shorting As Taker Sellers Outpace Buyers By $350M Daily – Analyst
However, risks remain if SOL fails to rise above $220. Such a
scenario could indicate that the bearish structure is still intact,
potentially sending Solana into a deeper correction. Maintaining
support at the 4-hour 200 MA will be crucial to avoid further
declines and keep investor optimism alive. The coming days will be
pivotal for Solana’s price trajectory. Featured image from Dall-E,
chart from TradingView
Grafico Azioni Ethereum (COIN:ETHUSD)
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Grafico Azioni Ethereum (COIN:ETHUSD)
Storico
Da Gen 2024 a Gen 2025