Crypto analyst Ali Martinez highlighted a crucial moment for the action of Solana prices, pointing to a Key support level In a parallel channel. His technical analysis, which is based on the action of the soil price on the daily candlestick period, shows that Altcoin has been negotiated in a chain on the rise since July 2024.
In particular, this raised trend channel was highlighted by the training of higher lows and higher highs while Solana continued to push new peaks of all time.
Now Martinez noted that the outfit above a key support level could Strengthen the upward trend of Altcoin Towards the superior trend line of the support channel.
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Analyst’s technical perspectives: a level of makeup support
At the time of Martinez analysis, Solana was negotiated at $ 193, following a barrage of drops throughout last week. In particular, this drop saw Solana hit the lower trend line of this trend channel. As such, the analyst noted that the soil action from here could determine his next big movement.
If Solana manages to hold above this level of support, the bullish trend could resume the strength and the chain will always be at stake. In this case, Solana will always be on the right track to push towards the upper end of the canal, This places the lens of courses around $ 387. On the other hand, if the support fails, a deeper correction could be on the table.
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Solana Price Action: a roller coaster route at $ 293 and return
Sol is one of the most efficient cryptocurrencies in the current crypto cycle, with its recently skyrocketed price to a new summit of $ 293 on January 19.
The rally was mainly motivated by a wave of interest After the launch of The official play by the same Trump on the Solana blockchain, adding momentum to an already optimistic trend for Altcoin. However, the euphoria has since cooled, Solana experimenting A 30% drop From the top of all time.
Since the time of the analysis, Solana has managed to bounce slightly from the lower limit of her channel to the increase. Solana is currently negotiating at $ 204, which means that it increased by around 5.7% since Martinez has highlighted the key support area.
This reversal suggests that the updated tendency canal is still at stake, and Solana could continue to push until it reaches $ 389. Interestingly, this price objective at the upper end of the canal is reinforced by the Fibonacci extension indicator.
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This indicator is extended from the solara hollow of $ 109 in August 2024, and the price of courses of $ 389 is at the extension level of 1.272. The importance of this extension is reinforced by the fact that Solana’s peak of January also coincided with the level of Fibonacci 1.0.
Despite this recovery, the bullish momentum has still to confirm fully Himself with a strong escape. There is still a possibility that Solana can Read the lower limit canal again before establishing a more decisive asumension trend.
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