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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana Breaks Above Daily Downtrend – Analyst Expects New ATH Soon

Sebastian Villafuerte
Sebastian Villafuerte
4 months ago
3 mins read
Solana Breaks Above Daily Downtrend – Analyst Expects New ATH Soon

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Solana has kicked off the year with an impressive 12% surge, reaching the pivotal $210 level and reigniting investor optimism. This rally comes as market sentiment shifts positively, fueling a broader resurgence in altcoins. With Solana now gaining significant traction, many are asking whether this marks the beginning of a massive rally for the high-performance blockchain.

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Top analyst Jelle recently shared a technical analysis on X, highlighting a critical development in Solana’s price action. According to Jelle, SOL has successfully broken a daily downtrend that originated after it reached its all-time high. This breakout is viewed as a bullish signal, suggesting that Solana may be gearing up for a more extended upward move in the coming weeks.

The $210 mark is crucial for Solana, as flipping it into support could pave the way for a sustained rally. With altcoins showing strength across the board, investors will be closely watching Solana’s ability to capitalize on this momentum. As the new year unfolds, the question remains: can Solana leverage this bullish start to achieve new highs and solidify its position as a leading force in the crypto market?

Price Action Suggests An Upcoming Move 

As the crypto market rebounds from local lows, Solana is riding the wave with impressive momentum. The altcoin giant has continued to rise after holding a critical demand level above the $180 mark. This has sparked optimism among investors, who increasingly view Solana as a resilient and promising asset in the current market environment.

Top analyst Jelle recently shared a detailed technical analysis on X, highlighting several bullish developments for Solana. According to Jelle, SOL has not only broken out of its prolonged downtrend but has also reclaimed crucial monthly and weekly support levels. Additionally, Solana is now trading back above its 50-day exponential moving average (EMA), signaling a renewed bullish structure and growing strength in its price action.

Solana breaks daily downtrend
Solana breaks daily downtrend | Source: Jelle on X

These technical signals suggest Solana is preparing for a significant move, potentially driving the price to new all-time highs. However, such a breakout will require strong market participation and favorable sentiment in the coming weeks to sustain the rally. 

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For now, Solana’s performance is a testament to its resilience, positioning it as a top contender for those seeking growth opportunities in the altcoin market.

Solana Testing Technical Levels 

The Solana (SOL) daily chart is showing promising signs of strength after a sharp bounce from the critical $175 level, which coincided perfectly with the 200-day EMA. This technical rebound has propelled the price to a key supply zone at $210, a significant milestone as SOL continues to push higher.

SOL daily chart showing strength
SOL daily chart showing strength | Source: SOLUSDT chart on TradingView

For bulls, the immediate target must be the $230 level. Reclaiming this area as support would likely trigger a fast and aggressive rally. Driving Solana into uncharted territory with new all-time highs. The confluence of technical indicators and recent bullish momentum suggests this scenario is achievable if the broader market continues to support the trend.

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However, time is of the essence. If Solana fails to reclaim the $230 mark in the coming weeks, the momentum could weaken, leading to sideways consolidation. Such a consolidation phase might slow the pace but could also build a stronger base for the next breakout.

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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