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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Solana Back Above Weekly & Monthly Support Levels – Analyst Expects New ATH

Sebastian Villafuerte
Sebastian Villafuerte
6 months ago
3 mins read
Solana Back Above Weekly & Monthly Support Levels – Analyst Expects New ATH

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Solana is currently trading above key demand levels, showcasing resilience after weeks of market uncertainty. However, the altcoin is yet to confirm a breakout from the daily downtrend that began in late November. As SOL continues to hover near critical technical levels, analysts and investors are closely watching for a decisive move that could signal the start of a massive rally into price discovery.

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Top analyst and trader Jelle recently shared a detailed technical analysis on X, highlighting that Solana has reclaimed crucial weekly and monthly support levels. According to Jelle, SOL’s ability to stay above these supports is a strong bullish indicator. This development has fueled optimism among investors who see Solana’s current consolidation as a setup for a significant breakout.

Despite the positive signs, SOL needs to overcome its daily downtrend to confirm a bullish reversal. A clean breakout above this trendline would signal that momentum has shifted in favor of the bulls, setting the stage for a potential rally toward new highs.

As the market sentiment improves and technical indicators align, Solana could soon become a leading asset in the crypto market’s recovery. The coming days will be pivotal in determining whether SOL can capitalize on its strong support levels and push higher.

Solana Holds Key Levels – Breakout Looms

Solana has shown renewed strength in the market, breaking above the critical $180 and $205 levels. This move has reignited investor confidence, with many viewing Solana as a trendsetter poised for further gains. After weeks of market uncertainty, SOL’s ability to reclaim these levels signals a potential bullish resurgence.

Top analyst Jelle recently shared a technical analysis on X, emphasizing Solana’s strong position. He highlighted that SOL is back above crucial weekly and monthly support levels, adding that its current price action suggests readiness to push higher. According to Jelle, Solana’s technical indicators align with the possibility of reaching new all-time highs in the coming weeks.

Solana above the weekly and monthly support levels
Solana above the weekly and monthly support levels | Source: Jelle on X

However, the path forward is not without challenges. Solana remains in a broader bearish structure that began in late November, and a clean breakout is required to confirm the start of a new upward trend. Overcoming this structure would establish clear bullish momentum and set the stage for a rally into price discovery.

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The next few days will be critical for Solana as it navigates this pivotal moment. If the altcoin can maintain its momentum and break out of its bearish framework, it could solidify its position as a market leader, driving investor excitement for the rest of the year.

Testing Key Demand To Push Up

Solana (SOL) is currently trading at $214, testing the critical support of the 4-hour 200 moving average (MA). This level is a significant indicator of short-term momentum, and holding above it is essential for SOL to sustain its bullish structure. The market is watching closely to see if Solana can use this support as a springboard for a breakout.

SOL testing the 4H 200 MA
SOL testing the 4H 200 MA | Source: SOLUSDT chart on TradingView

To reignite bullish momentum, SOL must break above the downtrend line that has defined its price action since November 22. A decisive move above this resistance would signal strength and pave the way for a rally. Analysts point to $230 as the crucial level to reclaim. If SOL manages to rise above this mark and hold it as support, the rally is expected to be both massive and fast, likely propelling the price into new highs.

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However, risks remain if SOL fails to rise above $220. Such a scenario could indicate that the bearish structure is still intact, potentially sending Solana into a deeper correction. Maintaining support at the 4-hour 200 MA will be crucial to avoid further declines and keep investor optimism alive. The coming days will be pivotal for Solana’s price trajectory.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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