Solana (SOL) has faced a 23% retrace after hitting new all-time highs at $264, testing the resilience of bullish momentum. Despite this pullback, SOL’s price structure remains strong, with the token holding firmly above a critical demand zone. This consolidation phase indicates the market is gearing up for another potential breakout as bullish sentiment persists.
Renowned crypto analyst and investor Jelle recently shared a technical analysis on X, expressing optimism about Solana’s future price trajectory. According to Jelle, the retrace is a healthy correction that allows SOL to build the strength needed for another significant rally. He predicts that Solana will reach new all-time highs before Christmas, setting the stage for an exciting close to the year.
With Solana maintaining its position above key levels and investor interest remaining robust, all eyes are on the $264 mark as bulls prepare to push the token into price discovery once again. The coming weeks will be pivotal, with the potential for SOL to reclaim its momentum and deliver significant gains. If the bullish predictions hold true, Solana could solidify its position as one of the standout performers in the crypto market this cycle.
Solana Price Action Signals Strength
Solana (SOL) continues to show bullish momentum, holding strong above $210, a critical support level that previously acted as resistance. This price behavior signals a healthy retrace, allowing the market to reset before another potential move higher. Solana’s ability to maintain this level reinforces the bullish narrative, suggesting that it’s preparing for another upward push.
Top crypto analyst Jelle recently shared his insights on X, expressing confidence in Solana’s price trajectory. Jelle’s technical analysis predicts that SOL will reach new heights before Christmas, highlighting a price target of $300 in the near term. He emphasizes that the current consolidation phase is a positive sign, as it allows for accumulation and builds the momentum necessary for a breakout.
However, despite the optimism, the possibility of a prolonged consolidation phase looms if SOL fails to break its all-time high (ATH). This scenario could lead to a temporary stagnation in price action, with SOL ranging sideways as traders await a clearer market direction. Such a consolidation phase would not necessarily be bearish but could delay the anticipated rally.
For Solana to meet Jelle’s $300 target, bulls must reclaim and hold levels above the ATH, signaling strength and renewed buyer interest. If successful, Solana is poised to enter price discovery once again, securing its position as a top-performing crypto asset in the current market cycle.
SOL Testing Liquidity Levels
Solana (SOL) is currently trading at $232, showing resilience after successfully holding key demand levels at $210. This critical support has proven vital in maintaining bullish momentum, allowing the price to recover and consolidate above $222. The ability to stay above this mark has strengthened investor confidence, with the focus now shifting to higher targets.
The next key resistance for SOL is $246. Breaking above this level would not only signify a bullish breakout but also position SOL to challenge and surpass its all-time high (ATH) of $264. A confirmed breakout above $246 would signal renewed momentum, potentially driving Solana into uncharted territory and reigniting market excitement.
However, the bullish scenario depends on SOL’s ability to maintain its upward trajectory. If the price struggles to break above the $246 level in the coming weeks, it risks losing momentum. This could lead to a broader correction, with traders eyeing the $210 demand zone once again as a critical area to watch.
Featured image from Dall-E, chart from TradingView
Source: NewsBTC