Solana Breaks Above Key Resistance At $225 – ATH Next?
Solana (SOL) captured the market’s attention after experiencing a series of moves that finally broke above the $225 mark, setting a new yearly high. Solana currently trades at $235, just 10% below its all-time high, causing excitement among investors and analysts.
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Top analyst Ali Martinez recently shared a chart highlighting Solana’s potential for further upside. Martinez said the price target is $250, a key supply area. A successful move above this level could pave the way for Solana to challenge all-time highs, igniting bullish sentiment across the market.
The next few days will be crucial for Solana as it tests the resilience of its upward trajectory. Bitcoin’s bullish performance has also fueled optimism across the market, further supporting Solana’s price action. Recent breakout points to growing bullish momentum Solana continues to outperform many other altcoins in the crypto market.
Solana is about to enter the price discovery phase
Solana is about to enter a price discovery phase after successfully confirming a break above the key resistance level of $225. This key move has bolstered bullish sentiment, with many analysts predicting that stocks are about to soar to new all-time highs. As Solana breaks through key supply levels, its strong price action makes it one of the most promising assets in the current market cycle.
Martinez shares his technical analysis of Xemphasizing the significance of this breakthrough. Martinez said Solana appears to be entering a bullish phase and that the recent spike is just the beginning of a larger uptrend.
He identified $250 as Solana’s next target, which is just below the all-time high of $259 set in November 2021. Reaching these levels could trigger a sustained rally, Martinez said, pushing Solana into price discovery territory.
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Confirmation of a $225 breakout signals growing demand driven by institutional interest and broader market optimism. If Solana successfully tests and holds the $250 mark in the coming days, it could trigger a domino effect, paving the way for further bullish momentum. Entering price discovery could attract significant buying pressure, pushing Solana into uncharted territory and to new highs.
Bullish Price Action: SOL Levels to Watch
Solana is trading at $236, breaking out of its yearly high and setting a new local high just 10% below its all-time high (ATH). Prices surged 9% today, indicating strong bullish momentum and rekindling investor confidence in Solana’s upward trajectory. Bulls appear to be in complete control of the price action, with demand driving significant upward pressure.
In order to sustain this breakout and keep the bullish momentum going, SOL must remain above the $225 mark in the coming days. This level is now an important support area, validating the recent breakout and setting the stage for Solana to challenge its ATH. A successful retest and hold above $225 could pave the way for SOL to continue its climb to new all-time highs.
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However, if SOL fails to maintain this key level, a period of sideways consolidation is likely. Such a consolidation phase does not necessarily mean weakness, but rather a healthy pause that allows the market to absorb recent gains before resuming its uptrend. In this case, there is still a chance for the bulls to regain control and push SOL to new highs after establishing a stronger base. All eyes are currently on Solana as it gets closer to price discovery and potential new ATH.
Featured image from Dall-E, chart from TradingView