Solana Bull Flag Signals A Breakout To $300 – Analyst Shares Key Levels
Solana (SOL) finds itself at a critical juncture as it tests demand at a price level that previously acted as key resistance. SOL’s price has been retracing since late November, eroding the hype surrounding the cryptocurrency. The prolonged decline has left investors uncertain about Solana’s next move, with many questioning whether it can regain its bullish momentum.
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Top analyst Jelle recently shared a technical analysis of X, revealing Solana’s current setup. According to Jelle, Solana has formed a descending wedge pattern (a classic bullish pattern) into what was once a key resistance level. Prices have confirmed this level as support, providing a potential basis for a sharp move higher in the near term.
If support holds, it could reignite bullish sentiment and positioning Solana achieves another success. However, failure to sustain this level could signal further downside, potentially undermining confidence in its long-term trajectory. As Solana moves through this critical moment, all eyes will be on whether it can regain its former glory and capitalize on this momentum.
Solana searches for takeoff fuel
Solana has experienced a 23% retracement from its local high of $264 on November 22. Despite the decline, the cryptocurrency held firm above $210 levels, a key support area, with analysts optimistic about a potential rebound to new all-time highs. High point. The resilience shown by SOL at this level suggests that bullish momentum may be building as prices consolidate.
Top Analyst Jelle Recently Shares his insights about Xhighlighting Solana’s bullish technical setup. According to Jelle, SOL has formed a falling wedge pattern, a structure that often signals an impending breakout. Importantly, the wedge is aligned with key resistance, which has now been confirmed as support, reinforcing the case for further upside.
Jelle also noted that Solana formed its first higher low during this pullback, a potential sign that the asset is ready to resume its bullish trend. He believes Solana may re-enter price discovery before Christmas, with a target of $300 expected in the coming days.
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However, risks remain, particularly if the integration phase lasts longer than expected. If SOL fails to break out decisively, it may struggle to regain the upward momentum it needs to challenge new highs. For now, Solana’s ability to sustain levels above $210 will be crucial in determining its next move.
Test reactive requirements
Solana finds itself at a critical turning point, trading at $216 and holding above the $210 mark – a level that once served as significant resistance. This key support level now plays a key role in determining whether SOL can spark a historic rally. The current price action reflects the growing optimism among investors, with many expecting that a stay above $210 in just a few days could trigger a significant recovery.
Analysts say that if SOL remains above this key level, a rapid rise to $250 is possible. Such a recovery would allow Solana to regain bullish momentum and potentially challenge its all-time high (ATH). While this scenario may seem ambitious, SOL has previously demonstrated its ability to ramp up quickly under similar conditions.
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Strong support at the $210 level could attract fresh buying interest, setting the stage for the next rally. With momentum on the horizon, the next few days will be crucial in determining whether Solana can make history and target unprecedented price levels.
Featured image from Dall-E, chart from TradingView
