Solana Monthly Chart ‘Looks Ready For A Monster Run’ – Details
Solana (SOL) has been holding steady above key demand levels near $210, a key area that could spark a massive bull run. After hitting an all-time high (ATH) on November 22, Solana experienced a 23% correction, testing investor confidence. However, analysts remain optimistic, with many expecting a sharp rise in the coming weeks.
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Well-known analyst Jelle recently shared a technical analysis that highlighted Solana’s strong potential. Jelle says SOL’s monthly chart is primed for an “absolute monster run,” suggesting the current consolidation phase could be setting the stage for a strong breakout. This view is consistent with the broader view that Solana’s rebound above $210 may serve as a springboard for the next stage of the rally.
As one of the leading altcoins in the cryptocurrency market, Solana draws attention for its strong performance and potential to lead the next phase of the bull market. As prices consolidate after a sharp correction, all eyes are on SOL’s ability to hold its key support and regain momentum. Whether Solana can deliver on its bullish promises will be a focus for traders and investors in the coming weeks.
Solana meets critical needs
Solana is currently trading above a key level this cycle – the $210 mark. This price point, which was previously a significant resistance level, has now transformed into significant support, setting the stage for Solana’s next potential rally. The importance of this level cannot be overstated as it represents a key area where buyers step in to defend SOL’s bullish momentum.
Jeller Recently shared a compelling technical analysis on Xemphasizing Solana’s strong prospects. According to Jelle, Solana’s monthly charts are primed for what he calls an “absolute monster run.” His analysis highlights that SOL’s price is currently testing its 2021 all-time high (ATH) as support, a critical moment that could determine its direction in the coming weeks.
Jelle’s simple yet powerful chart shows that if Solana can decisively break above the $210 level, it will confirm the strength of this support and potentially trigger a massive bull run. This rally could give SOL impressive gains, making it a top player in the cryptocurrency market.
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Currently, all eyes are on Solana’s ability to maintain momentum and push higher. As it consolidates above this fundamental level, traders and investors are keeping a close eye on its next move, anticipating what could be a historic price surge.
Price action suggests big moves could be coming soon
Solana is trading at $221, holding above the key $210 support level. This resilience has boosted investor confidence, as SOL’s price action has been bullish on all time frames. Solana is gearing up for a significant move higher, but it must first overcome resistance at $245 to confirm the uptrend.
Market dynamics suggest that SOL is in a prime position for upward momentum. Unlike other assets that may be showing signs of hesitation or potential consolidation, Solana is showing a clear price structure that strongly favors a breakout. The lack of bearish signals further solidifies this outlook, as there are few signs of an imminent correction or prolonged sideways trading.
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If SOL manages to break above the $245 resistance, it could trigger a wave of buying pressure that could push the price to new highs. This setup has many traders eyeing Solana’s next potential level, with broader market sentiment favoring continued gains.
Featured image from Dall-E, chart from TradingView
