Solana (SOL) continues to demonstrate strength in the crypto market, with its chart standing out as one of the most promising. According to crypto analyst Jelle, the SOL chart has maintained a bullish structure despite broader market struggles, including those faced by Bitcoin and Ethereum.
The analyst noted, “$SOL is still one of the better looking charts in crypto.” This observation comes at a time when many cryptocurrencies struggle to maintain momentum
The price action shows SOL consolidating below its all-time high, a level reached in late 2021. This consolidation phase, marked by sideways movement, indicates market indecision but also highlights Solana’s resilience.
Notably, SOL has avoided forming lower lows, a positive indicator that sets it apart from other major cryptos.
What you'll learn 👉
Key Price Levels and Market Sentiment
The analysis shared by Jelle highlights critical price levels for Solana. The ATH around $259.90 remains a resistance point, while the current price around $139 sits within a consolidation zone.
The primary support level is identified at $136.60, which has held strong during recent retracements. Additionally, a secondary support level at $85.00 played a crucial role during previous downtrend phases and subsequent recovery.
The ongoing sideways movement near these levels suggests that SOL is in an accumulation phase. This is where long-term investors are likely building positions in anticipation of a breakout.
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Potential for Breakout Beyond $260
The bullish sentiment surrounding Solana is further supported by the lack of lower lows on its chart. Jelle’s analysis suggests that if market conditions improve, particularly with stabilization in Bitcoin and Ethereum, Solana could be poised for a breakout above its ATH.
A move beyond $260 would confirm a new upward trend, potentially leading to new price discoveries.
For traders, the key focus will be on SOL’s ability to break above resistance with strong volume, while investors might view the current consolidation as an entry opportunity before the next upward movement.
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Show more +Strategic Considerations for Market Participants
Market participants are advised to monitor Solana closely for potential breakout signals. Traders should keep an eye on price action near the $259.90 resistance, while also considering tight stop-loss orders below the $136.60 support level to manage risk.
For investors, the current consolidation phase could be a strategic entry point, especially if SOL breaks out above its ATH. Overall, the analysis by Jelle highlights Solana’s strength and potential in the current market, positioning it as one of the better-looking charts in crypto.
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