Solana Turns Key Level Into Support – Analyst Expects ‘Violent Moves Before Next Leg Up’
Solana (SOL) saw huge volatility over the weekend, giving traders and investors a roller coaster ride. On Sunday, SOL hit a new all-time high of $295, marking a major milestone in its bullish trajectory. However, the celebrations did not last long as the price quickly retraced more than 20%, hitting the $229 mark, causing concern among market participants. However, Solana rebounded strongly, climbing to $272, reigniting bullish sentiment and proving its resilience.
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Top analyst Jelle provides valuable insight into Solana’s price action, highlighting the importance of key levels turning into support. According to Jelle’s technical analysis, SOL’s ability to recover and hold these key levels is a strong indicator of continued bullish momentum. The rebound from $229 points to strong demand, suggesting Solana is well-positioned to resume its uptrend.
As Solana continues to trade near its all-time highsmarket participants are paying close attention to signs of continued strength. With key support levels intact and bullish sentiment growing, SOL appears poised for further gains in the coming days. The question now is whether Solana can maintain this momentum and break through new barriers, solidifying its position as one of the market’s best-performing assets.
Solana prepares to move
As the cryptocurrency market gains momentum ahead of President-elect Donald Trump’s inauguration, Solana is ready to make its next big move. Today marks the beginning of a new chapter for cryptocurrencies, with expectations of supportive crypto policies driving bullish sentiment across the board. With Bitcoin (BTC) hitting new all-time highs, Solana is positioning itself to take advantage of the market’s upward trajectory.
Top Analyst Jelle Recently Shared technical analysis of Xhighlighting Solana’s impressive resilience in the face of recent volatility. Jelle said the key level has turned into support, which provides a solid foundation for SOL to move higher next. Despite the growing bullish momentum, Jelle warned that there could be more “violent moves” before Solana takes off in full force, stressing that investors need to remain vigilant.
Solana is no stranger to extreme price swings in recent weeks, reflecting its growing demand and growing role as a leading blockchain platform. Despite the turmoil, SOL continues to break above key levels, boosting trader confidence.
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With market sentiment heating up and technical indicators converging, Solana appears poised to ride the wave of optimism sweeping the cryptocurrency space. If support holds and the broader market rally continues, SOL could be primed for another major rally, solidifying its position as a key player in the ongoing cryptocurrency revolution.
Volatility drives prices
Solana is currently trading at $264, testing its all-time high (ATH) set in late November. This key level has become a focus for traders as SOL’s price action suggests it is ready to push higher and hit new records. SOL has been trading between $229 and $295 over the past two days, reflecting the huge volatility that has brought challenge and energy to the market.
The recent price swings highlight growing interest in Solana, as volatility continues to drive trading activity. Despite the volatility, SOL has shown remarkable resilience, rebounding quickly from sharp declines and maintaining a bullish trajectory. The upward momentum across the cryptocurrency market has further fueled optimism, and Solana is poised to capitalize on this broader trend.
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With prices consolidating near previous highs, investors are keeping a close eye on key levels for signs of another breakout. If SOL can maintain momentum and break above $295, it will enter a price discovery phase that typically brings rapid gains and new highs. With market sentiment extremely positive and technical indicators aligned, Solana appears poised to continue higher, solidifying its reputation as the cryptocurrency market’s top-performing asset.
Featured images are from Dall-E and charts are from TradingView.
