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Solana (SOL) is at a critical juncture as it tests demand at a price level that has previously served as a major resistance line. Since late November, the price of SOL has been on a downward trend, and the hype surrounding the cryptocurrency has waned. The prolonged decline has left investors uncertain about Solana's next move, with many questioning whether Solana can regain its bullish momentum.
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Top analyst Jelle recently shared technical analysis on X and shed light on Solana's current setup. According to Jere, Solana has formed a descending wedge pattern, a classic bullish formation, reaching what was once a significant resistance level. Prices have confirmed this level as support, providing a potential foundation for significant upside in the near term.
If support holds, bullish sentiment could reignite and Solana could make another strong run. However, failure to sustain this level could signal further downside and undermine confidence in its long-term trajectory. As Solana navigates this pivotal moment, all eyes will be on whether it can regain its former glory and capitalize on its momentum.
Solana finds fuel to take off
Solana has experienced a 23% return from its November 22 local high of $264. Despite this decline, the cryptocurrency has held firm at the $210 level, a key support zone that has analysts optimistic about the possibility of a rally to all-time highs. High pitched. The resilience shown by SOL at this level suggests that bullish momentum may be building as prices consolidate.
Top analyst Jere recently shared his insights on X, highlighting Solana's bullish technical setup. According to Jelle, SOL has formed a descending wedge pattern, a structure that often signals an upcoming breakout. Importantly, the wedge is now aligned with a major resistance level that is confirmed as support, strengthening the case for further upside.
Solana tests critical demand | Source: Jelle on X
Jere also notes that Solana formed its first low during this retracement, a potential signal that the asset is poised to resume its bullish trend. He believes Solana could re-enter price discovery before Christmas and expects a $300 price target in the coming days.
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However, risks remain, especially if the integration phase lasts longer than expected. If SOL fails to break out decisively, it may struggle to regain the upward momentum needed to challenge new highs. For now, whether Solana can sustain above $210 will be important in determining its next move.
Testing reactive demand
Solana is at a key inflection point, trading at $216 and holding firm above the $210 mark, which was once a major resistance. This key support level is currently playing a pivotal role in determining whether SOL can spark a historic bull market. Current price action reflects growing optimism among investors, with many predicting that a break above $210 for just a few days could trigger a sharp recovery. .
SOL remains above $210 | Source: SOLUSDT chart on TradingView
Analysts suggest that if SOL maintains its footing above this important level, it is likely to move quickly towards $250. Such a recovery could allow Solana to regain bullish momentum and challenge its all-time high (ATH). While this scenario may seem ambitious, SOL has previously demonstrated the ability to rise rapidly under similar circumstances.
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A strong confirmation of support at the $210 level could attract renewed buying interest and lay the foundation for the next rally. With momentum on the horizon, the next few days will be critical in determining whether Solana can make history and aim for unprecedented price levels.
Featured image from Dall-E, chart from TradingView
