Analyst: Solana breaks through key resistance level, 'God candle' about to form
Solana recently broke through the annual high of $210, sparking a surge in trading activity as alts attempt to consolidate above this key level. This turbulent price movement highlights Solana's strong position in the market, with investors following signs of further breakthroughs.
As the market hits new highs, whether Solana can hold above $210 may indicate its strong strength, thereby attracting more interest from retail investors and institutional investors. In the coming days, Solana's price movement may clarify whether this consolidation phase is just a pause before a more substantial trend.
As the broader cryptocurrency market reaches unprecedented levels, Solana is at a crucial moment, and traders will closely follow its performance to look for signs of continued pumping.
Solana seems ready for a significant Rebound, breaking out of an 8-month accumulation phase since March. This key development has caught the attention of top analyst and trader Inmortal, who shared an analysis of X, comparing Solana's recent chart pattern with that of Bitcoin. His technical view suggests that Solana reflects BTC's past PA and may be on the verge of a major pump.
After breaking the annual high of $210, Solana's next target could be to set a new historical high of $258. Many believe this level to be a key resistance level, and a successful test could pave the way for a larger price pump. Breaking out from such a long accumulation phase has strengthened people's confidence in Solana's bullish structure, and the market is closely following signs of continued momentum.
The timing of this potential move also carries strategic significance. With BTC consolidating below its historical highs, a period of stability could provide an excellent opportunity for AltCoins (especially Solana) to become attractive. The pause in BTC's rise shifts Liquidity towards other strong projects, preparing Solana for a possible pump trend.
The next few days are crucial for Solana, as traders are all following whether it can maintain the support level above $210. If Solana holds this level and the momentum continues, it may quickly surge to the historical high of $258, further consolidating its leading position among Altcoins in the current Bull Market.
The current trading price of Solana is $220, breaking the annual high, but it is currently experiencing some fluctuations as traders evaluate the next move. SOL is only 17% away from its all-time high of $258, and many people are closely following whether it can maintain this momentum without giving traders any lower entry points.
The $210 support level is particularly important in the coming days. If SOL fails to hold this line, a short-term pullback may push the price lower, providing some breathing space for buyers looking to enter the market before the next Rebound. However, if SOL remains stable above $210, the possibility of quickly setting new highs will be greater, as this indicates a market eager for a pump and bullish momentum to continue.
As Solana continues to consolidate at these highs, a decisive breakthrough could trigger a rapid Rebound, attracting the interest of retail investors and institutional investors. Traders are preparing for two possible outcomes: a brief pullback as a buying opportunity, or a breakthrough that takes Solana into uncharted territory, setting new highs and reaffirming its position as the top-performing altcoin in this cycle.
(Data Source: Sebastian Villafuerte)