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Solana started the year with an impressive surge of 12%, reaching the key level of $210 and growing investor optimism. This rally comes as market conditions are turning positive, prompting a broad resurgence of altcoins. With Solana now gaining significant traction, many are questioning whether this is the start of a big blockchain super-performance rally.
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Senior analyst Jelle recently shared a technical analysis on X, highlighting key developments in Solana’s price action. According to Jelle, SOL successfully broke the daily downtrend that started after it reached the top. This breakout is viewed as a bullish signal, suggesting that Solana may be preparing for more upside in the coming weeks.
The $210 mark is important for Solana, as a change to support could pave the way for a further rally. With altcoins showing strength across the board, investors will be watching closely for Solana’s ability to capitalize on this momentum. As the new year progresses, the question remains: can Solana use this bullish start to reach new heights and solidify its position as a leading force in the crypto market?
Price Action Suggests Upcoming Departures
As the crypto market bounces back from the local crash, Solana is riding the wave with surprising momentum. The altcoin giant has continued to rise after holding a key demand level above the $180 mark. This has sparked optimism among investors, who continue to view Solana as a strong and promising asset in the current market environment.
Senior analyst Jelle recently shared a detailed technical analysis on X, highlighting several improvements to Solana. According to Jelle, SOL not only broke out of its long-term trend but also found significant monthly and weekly support levels. Additionally, Solana is now trading back above its 50-day moving average (EMA), signaling a renewed bullish structure and increasing strength in its price action.
These technical signals suggest that Solana is preparing for a significant move, which may push the price even higher. However, such a rally will require strong market participation and positive sentiment in the coming weeks to continue the rally.
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Meanwhile, Solana’s performance is a testament to its strength, positioning it as a top contender for those looking for growth opportunities in the altcoin market.
Solana Testing Technical Levels
The daily chart of Solana (SOL) is showing promising signs of strength after a sharp bounce from the critical $175 level, which is perfectly aligned with the 200-day EMA. This technical retracement pushed the price to a key supply area at $210, which is an important milestone as SOL continues to rise.
For the bulls, the immediate target should be the $230 level. Retrieving this area as support could trigger a quick and aggressive rally. Driving Solana to a new all-time unbeaten mark. The combination of technical indicators and recent bullish momentum suggests that this scenario could be realized if the broader market continues to support this trend.
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However, time is of the essence. If Solana fails to recover the $230 mark in the coming weeks, momentum may weaken, leading to a consolidation of the sides. Such a consolidation phase may slow down the pace but can also create a solid foundation for subsequent releases.
Featured image from Dall-E, chart from TradingView