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Solana (SOL) has been gaining a lot of attention in the cryptocurrency market after a series of volatile days after hitting a new all-time high on November 22nd. The asset, known for its speed and scalability, is currently in the zone around $220 that could determine its next move.
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Renowned investor and trader Karl Runeveld shared detailed technical analysis on X, highlighting the giant symmetrical triangle formation that Solana has been tracking since early November. Runefeld said the pattern indicates a period of consolidation before a potentially explosive move. If Solana breaks out of this formation, Runefeld predicts a price target of $295, suggesting a significant upside for the altcoin.
With Solana's ability to maintain high demand and the broader crypto market showing bullish sentiment, all eyes are on whether SOL can capitalize on this momentum. The next few days will be a pivotal time in the evolution of price trends, setting the stage for either a continuation of the rally or a deeper correction. As SOL traders watch closely, the market is anticipating a decisive move that could redefine Solana's trajectory for the rest of the year.
Solana finds fuel to rise
Solana (SOL) has declined since reaching an all-time high of $264 on November 22 due to increased volatility across the crypto market. While some investors are viewing this retrace cautiously, many analysts are interpreting it as a retest of healthy demand, a necessary pause to build another round of upward momentum. There is. Solana is currently consolidating around key support levels and has breakout potential.
Investor and trader Karl Runeveld shared his insights on X, highlighting a bullish pattern forming on Solana's chart. According to Runefelt, this structure that has developed over the past few weeks indicates that SOL could be preparing for a significant breakout. He emphasized that if Solana can break out of this pattern with sustained buying pressure, it could easily surpass its previous highs and move into uncharted territory.
Solana is about to break the ascending triangle | Source: Karl Runefeld on X
Runefelt's analysis is consistent with broader market sentiment, which sees Solana as one of the most promising blockchain ecosystems. Its strong fundamentals, adoption and increasing institutional investor interest create a favorable backdrop for continued growth.
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The next few days will be critical as Solana's operations stabilize. A break above the current pattern could trigger a massive rally and send prices significantly higher. Conversely, failure to maintain key support levels could lead to a more severe correction. Investors are watching closely for now, waiting for decisive moves that will determine Solana's trajectory in the coming weeks.
Price testing of critical demand
Solana (SOL) is currently trading at $217 and maintains key demand levels that are a focus for both bulls and bears. This zone is acting as strong support and its integrity is important to maintain bullish momentum. However, if SOL loses this level, it could cause panic among investors, many of whom are counting on continued growth in the coming months.
SOL tests significant demand above $210 | Source: SOLUSDT chart on TradingView
The $210 mark serves as a psychological threshold for market participants. Sustaining above this level would reaffirm Solana's strength and suggest that the current retrace is a healthy consolidation phase. On the other hand, a break above this support could result in a change in sentiment, increasing selling pressure and a fall to lower levels.
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For bullish continuation, SOL needs to sustain above $210 and regain $225 in the coming weeks. Such a move would indicate renewed buying interest and signal that Solana could be on the verge of a breakout. If this scenario plays out, analysts expect a massive rally that will push SOL towards new highs and reaffirm its position as the best performing crypto asset.
Investors are keeping a close eye on these key levels, as Solana's price movements over the coming weeks are likely to set the tone for its medium-term trajectory.
Featured image from Dall-E, chart from TradingView
