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Solana (SOL) has captured the market’s attention after a series of volatile days and finally broke through the $225 mark to hit new yearly highs. Solana is currently trading at $235 and is just 10% below its all-time high, generating excitement among investors and analysts alike.
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Top analyst Ali Martínez recently shared a chart highlighting Solana’s potential for further growth. According to Martínez, the price is targeting the $250 level, which represents a critical supply area. A successful break above this level could pave the way for Solana to challenge its all-time high, sparking a wave of bullish sentiment across the market.
The next few days are shaping up to be crucial for Solana as it tests the resilience of its upward trajectory. Bitcoin’s bullish performance is also fueling optimism across the market, further supporting Solana’s price action. The recent breakout indicates growing bullish momentum as Solana continues to outperform many other altcoins in the crypto market.
Solana is about to enter price discovery
Solana is about to enter price discovery after successfully confirming a break above the critical resistance at $225. This fundamental move has reinforced bullish sentiment, with many analysts predicting an imminent rise to new all-time highs. As Solana breaks through key supply levels, its strong price action has positioned it as one of the most promising assets in the current market cycle.
Martínez shared his technical analysis on Xemphasizing the importance of this break. According to Martínez, Solana appears to be entering a bullish phase and this recent rise is just the beginning of a much larger bullish trend.
He identified $250 as Solana’s next target, which sits just below the all-time high of $259 set in November 2021. Martinez suggests that reaching these levels could trigger a sustained rally, pushing Solana into price discovery territory. .
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Confirmation of the breakout of $225 indicates growing demand, driven by both institutional interest and broader market optimism. If Solana successfully tests and holds above the $250 mark in the coming days, it could trigger a domino effect, paving the way for further bullish momentum. Entering price discovery would likely attract significant buying pressure, taking Solana into uncharted territory and setting new highs.
Bullish price action: SOL levels to watch
Solana is trading at $236, surpassing yearly highs and setting a new local high just 10% below its all-time high (ATH). The price rose 9% today, indicating strong bullish momentum and renewed investor confidence in Solana’s upward trajectory. The bulls appear to be in complete control of the price action, with the demand generating significant bullish pressure.
To sustain this breakout and maintain its bullish momentum, SOL must stay above the $225 mark in the coming days. This level is now a crucial support zone that validates the recent breakout and sets the stage for Solana to challenge its ATH. A successful retest and holding above $225 would likely pave the way for SOL to continue its climb towards new all-time highs.
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However, if SOL fails to maintain this critical level, a period of sideways consolidation could ensue. Such a consolidation phase would not necessarily indicate weakness, but rather a healthy pause, allowing the market to absorb recent gains before resuming its uptrend. In this scenario, the bulls would still have a chance to regain control and push SOL to new highs after establishing a stronger base. For now, all eyes are on Solana as price discovery and possible new ATHs approach.
Featured image of Dall-E, TradingView chart
