Solana To New ATH Before Christmas – Analyst Expects $300 Soon
Solana (SOL) faces a 23% retracement after hitting a new all-time high of $264, testing the resilience of bullish momentum. Despite this pullback, SOL’s price structure remains strong, with the coin holding firmly above key demand areas. This consolidation phase suggests that the market is preparing for another potential breakout as bullish sentiment persists.
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Well-known cryptocurrency analyst and investor Jelle recently shared a technical analysis of X, expressing optimism about Solana’s future price trajectory. Jelle said the pullback was a healthy correction that allowed SOL to build the strength needed for another major rally. He predicts Solana will reach record highs before Christmas, setting the stage for an exciting year-end.
Solana maintains its position Above key levels and investor interest remaining strong, all eyes are on the $264 mark as bulls prepare to push the coin towards price discovery once again. The next few weeks will be critical, with SOL likely to regain momentum and deliver significant gains. If the bullish predictions come true, Solana could solidify its status as one of the cryptocurrency market’s outperformers this cycle.
Solana Price Action Signal Strength
Solana (SOL) continued to show bullish momentum, holding above $210, a key support level that previously acted as resistance. This price action signals a healthy pullback, allowing the market to reset before another potential move higher. Solana’s ability to sustain this level reinforces the bullish narrative and suggests it is positioning itself for another run higher.
Top Cryptocurrency Analysts Jelle recently shared his insights into Xexpressing confidence in Solana’s price trajectory. Jelle’s technical analysis predicts SOL will reach new heights before Christmas and highlights a near-term price target of $300. He emphasized that the current consolidation phase is a positive sign as it allows for accumulation and builds the momentum needed for a breakout.
However, despite the optimism, if SOL fails to break above its all-time high (ATH), a prolonged consolidation phase is possible. This situation could cause price action to temporarily stall, with SOL trading sideways as traders wait for clearer market direction. This consolidation phase is not necessarily bearish, but may delay an expected rebound.
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For Solana to reach Jelle’s $300 target, bulls must retrace and hold levels above ATH, which would indicate strength and renewed buyer interest. If successful, Solana will once again enter the price discovery space, ensuring its position as the best-performing cryptoasset in the current market cycle.
SOL tests liquidity levels
Solana (SOL) is currently trading at $232, showing resilience after successfully holding key demand levels at $210. This key support proved crucial in sustaining the bullish momentum, allowing the price to recover and consolidate above $222. The ability to stay above this level has boosted investor confidence, and the focus now turns to higher targets.
The next key resistance level for SOL is $246. A break above this level would not only signal a bullish breakout, but also enable SOL to challenge and surpass its all-time high (ATH) of $264. Confirmation above $246 would signal new momentum, potentially propelling Solana into uncharted territory and reigniting market excitement.
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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, there is a risk of losing momentum. This could lead to a broader correction, with traders once again eyeing the $210 demand area as a key area to watch.
Featured image from Dall-E, chart from TradingView
