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Solana stole the spotlight this week with choppy price action, demonstrating resilience amid market uncertainty. After falling to a low of $168, SOL rose over 22% to $207, signaling renewed strength and bullish momentum. This impressive recovery has reignited optimism among investors and analysts alike, many of whom are now anticipating a rapid recovery and potential upside.
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Senior analyst Jelle shared a compelling technical analysis, highlighting that “Solana season” could be about to return in a big way. According to Geely, Solana’s recent price movements indicate a major shift in market structure. The downtrend appears to have reversed, with major resistance levels now acting as support. This crucial development may pave the way for further rise in the coming days.
As Solana continues to lead the momentum among altcoins, his ability to maintain and build on this momentum will be closely watched. With analysts forecasting a strong recovery and investors eyeing new opportunities, all eyes are on SOL to see if it can maintain this upward trajectory and regain its position as one of the best-performing assets in the market.
Bullish breakouts and sentiment shifts
Solana has shown remarkable strength in recent days, surpassing critical supply levels after weeks of selling pressure. While the broader market remains volatile, Solana has managed to inspire confidence among investors and analysts, thanks to his steady rise. However, the asset still faces a major challenge: reclaiming the local high of $220. Achieving this milestone could pave the way for a bullish rally into uncharted price territory.
Senior Analyst Geely He recently shared an upbeat technical analysis on XEmphasizing the dramatic shift in Solana’s market structure. According to Geely, the downtrend that defined Solana’s recent performance has officially reversed, with key resistance levels now acting as strong support. This crucial development is a bullish signal for Solana’s prospects, reinforcing the notion that the asset is nearing the end of its consolidation phase.
Gilley highlighted that there is still one final hurdle before Solana can engage in price discovery: a decisive break above the $220 level. If the bulls can overcome this hurdle, the potential for a massive rally becomes very likely. Sentiment surrounding Solana has become increasingly positive, with many investors echoing Geely’s sentiments that “Solana season” is on the horizon.
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As Solana prepares for a breakout, market participants are closely monitoring his ability to maintain momentum. If Solana succeeds in reclaiming the $220 level and holding it as support, a rally to all-time highs could follow. With sentiment turning bullish and technical indicators agreeing, Solana is poised to reclaim its place as one of the most exciting assets in the crypto space.
Bulls eye $222 as momentum builds
Solana is trading at $209 after Wednesday’s bullish performance, indicating renewed confidence in the market. The cryptocurrency has shown impressive resilience, rising steadily after recent lows and holding key support levels. With upward momentum building, Solana is positioned to challenge higher resistance levels in the coming days.
The bulls’ immediate target is to reclaim the $222 mark, an important level that could determine the course of Solana’s next move. Successful penetration of this price and turning it into support will confirm the continuation of the upward trend. This would also pave the way for Solana to target an all-time high (ATH), a psychological milestone for both long-term traders and investors.
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Analysts point out that once Solana surpasses the $222 level, a rally to ATH could happen quickly. Market sentiment remains optimistic, with many participants anticipating Solana to lead a new wave of bullish momentum in the altcoin space. If the price continues to hold key support levels and the bulls maintain control, Solana is poised to regain its position as one of the best-performing assets in the market. Right now, all eyes are on $222 as the next decisive step in Solana’s upward journey.
Featured image by Dall-E, chart from TradingView
The post ‘Solana Season Is About To Return’ As Price Turns Key Resistance Into Support – Analyst first appeared on Investorempires.com.