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Solana (SOL) has faced a 23% pullback after hitting new all-time highs of $264, testing the resilience of the bullish momentum. Despite this pullback, SOL’s price structure remains strong, with the token remaining firmly above a critical demand zone. This consolidation phase indicates that the market is preparing for another possible breakout as bullish sentiment persists.
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Renowned crypto analyst and investor Jelle recently shared a technical analysis on X, expressing optimism about the future price trajectory of Solana. According to Jelle, the pullback is a healthy correction that allows SOL to generate the necessary strength for another significant rally. He predicts that Solana will hit 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 strong, all eyes are on the $264 mark as bulls prepare to push the token towards price discovery once again. The next few weeks will be crucial, with potential for SOL to regain its momentum and make significant gains. If the bullish predictions come true, Solana could solidify its position as one of the most prominent players in the crypto market this cycle.
Solana Price Action Indicates Strength
Solana (SOL) continues to show bullish momentum, holding strong above $210, a critical support level that previously acted as resistance. This price action indicates a healthy pullback, allowing the market to reset before another potential bullish move. Solana’s ability to maintain this level reinforces the bullish narrative, suggesting that it is preparing for another bullish push.
Top Crypto Analyst Jelle recently shared his thoughts on Xexpressing confidence in Solana’s price trajectory. Jelle’s technical analysis predicts that SOL will reach new highs before Christmas, highlighting a price target of $300 in the near term. He highlights that the current consolidation phase is a positive sign, as it allows accumulation and generates the momentum necessary for a breakout.
However, despite the optimism, the possibility of a prolonged consolidation phase is looming if SOL fails to surpass its all-time high (ATH). This scenario could lead to a temporary stagnation in price action, with SOL swinging sideways as traders wait for clearer market direction. Such a consolidation phase would not necessarily be bearish, but it could delay the expected rally.
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For Solana to reach 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 rediscover price, securing its position as a high-performing crypto asset in the current market cycle.
SOL Test 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, and attention is now shifting to higher targets.
The next key resistance for SOL is $246. Breaking above this level would not only mean a bullish breakout, but would also position SOL to challenge and surpass its all-time high (ATH) of $264. A confirmed break above $246 would signal renewed momentum, which could take Solana into uncharted territory and reignite market enthusiasm.
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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 once again considering the $210 demand zone as a critical area to watch.
Featured image of Dall-E, TradingView chart
