How High Can It Go?
Sol (SOL) made a huge shift in the market structure, surpassing the parallel channel for landing, which occupied its price action in a few weeks. Ali Martinez (@ali_charts), who shared the four-hour chart, showed that this breakthrough could position the token as a potential climb to $213.
Solana Bulls Recover Power
this chartFrom January to early March, it showed a steady decline pattern, with prices repeatedly testing and respecting the channel’s upper and lower boundaries, outside of the latest bullish push.
The descending parallel channels highlighted in Martinez’s analysis can be visually seen from a series of lower highs and lower lows, thus forming a consistent downward slope. Each brief recovery in the previous few weeks failed to clear the channel’s midline, exacerbating bearish pressure. However, once the price of Sol manages to exceed this mid-line, Bullish momentum Begin to build and cross the upper border with decisive action. Such channel breakthroughs usually indicate that sellers have exhausted, allowing buyers to control the market.
Related Readings
It is worth noting that the breakthrough is Solana with two main catalysts. First, huge FTX unlocked Solana Property completed (March 1). Second, yesterday, US President Donald Trump announced strategies in the United States including Bitcoin, Ethereum, XRP, Cardano and Solana Encrypted protected area.
One of the most critical elements in Martinez’s prediction is the $213 target, which is derived from the height of the channel combined with the 0.382 fibonacci recycling stage. Currently, after the breakthrough, a rupture is taking place, transforming it into support. The $160-165 area is where buyers may try to defend the new uptrend of tokens.
From a good point of view, the main Fibonacci turn levels above Solana’s current $170.19 price are $174.11 (0.618), $192.62 (0.5), 213.11 (0.382) and $241.50 (0.236), and the complete regression level is $295.60 (0.0) (0.0).
Related Readings
Overall sentiment among analysts supports Martinez’s bullish outlook. Jelle (@cryptojellenl) points out an important Solana unlocking campaign, which is now behind us, highlighting the fact that the weekly candles are closed in the green. According to his observations, Sol returned to vital support after sending the trough, and this trend line continued to remain firmly.
“There are plenty of $sol unlocking behind us, and the weekly candles are closed in the green. Lows take out, support, trendline hold. To be sure, the next SOL push sends it into the price discovery-it’s hard,” he wrote through X.
Chris Burniske, partner of Placeholder VC, added a positive market narrative, Comment With X, BTC, ETH and SOL all released favorable weekly shutdowns, and the long-term trend of these leading cryptocurrencies remains the same. “BTC ETH and SOL cannot require better shutdowns in the cycle. The long-term trend remains: upward,” Bernish said.
From a technical standpoint, many depend on Solana’s ability to maintain its breakthrough. The channel for the decline is a clear reference to bearish sentiment and violates this, indicating a significant change in market psychology.
At press time, Sol traded for $164.
Featured Images created with dall.e, Charts for TradingView.com
