In a tweet shared by crypto analyst Jelle Solana (SOL) has demonstrated resilience despite the broader market’s decline. The digital asset continues to hold above a key support level that has been in place since April 2024.
This suggests a strong defense against potential price drops. As other cryptos face downward pressure, SOL appears to be maintaining its position, raising questions about whether the token could experience a major price rally soon.
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SOL Maintains Critical Support Amid Market Volatility
The chart shared by Jelle highlights two crucial support levels for Solana, with the most prominent one lying around the $110-$115 range. Since April, this zone has acted as a foundation for SOL’s price stability, despite increased volatility across the crypto market.
According to Jelle’s analysis, the digital asset has tested this level several times, but strong buying interest has kept it from falling below.
This continuous defense of the support level suggests there is significant market interest in keeping SOL from losing value, which could indicate either accumulation by long-term holders or strategic buying aimed at maintaining price stability.
Resilience Sets Solana Apart from the Broader Market
While other cryptocurrencies have lost ground due to market-wide corrections, Solana’s ability to maintain its price above key support has been of interest. Jelle’s tweet underlines this resilience, stating that “someone does not want this coin to go down.”
SOL’s strong performance compared to the broader market decline raises the possibility that it could rally if current support continues to hold. Traders and investors should watch for signs of upward momentum, especially as market sentiment may begin to shift.
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Potential for Upside if Support Holds
The chart provided by Jelle also points to previous price peaks around the $220-$240 range, suggesting the possibility of a significant upside if Solana maintains its support. Should buying interest continue to defend this zone, SOL could be positioned for a price rally.
With the broader market still facing uncertainty, Solana’s steady position at its support level makes it a potential candidate for upward movement, especially if sentiment improves and market conditions become more favorable.
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