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Solana recently broke its yearly high at $210, leading to a surge in trading activity as the altcoin tries to consolidate above this key level. This period of volatile price action highlights Solana’s strong position in the market as investors watch for signs of a further breakout.
Top analyst and investor Immortal recently shared an insightful technical analysis comparing Solana’s chart to Bitcoin’s historical price movements, suggesting that Solana’s next breakout is imminent.
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With the market reaching new highs, Solana’s ability to sustain above $210 could signal strength, which could attract additional interest from retail and institutional investors. In the coming days, Solana’s price action will likely reveal whether this consolidation phase is just a pause before a more substantial move.
With the broader crypto market reaching unprecedented levels, Solana is at a critical juncture and traders will be closely monitoring its performance for signs of a continuation of its upward trajectory.
Solana prepares for a rally
Solana appears poised for a significant rally after breaking the eight-month accumulation phase that started in March. This critical development has caught the attention of top analyst and trader Inmortal, who shared an analysis about Xcomparing Solana’s recent chart patterns to Bitcoin’s. His technical perspective suggests that Solana reflects Bitcoin’s past price movements and could be on the cusp of a substantial rise.
After breaking above the yearly high of $210, Solana’s next target will likely be the all-time high of $258. This level is seen by many as critical resistance, and a successful test could pave the way for even bigger price gains. The outbreak of such a prolonged accumulation phase has increased confidence in Solana’s bullish structure, and the market is watching closely for signs of continued momentum.
The timing of this possible step is also of strategic importance. With Bitcoin consolidating just below its all-time high, a period of stability could provide the perfect period for altcoins, especially Solana, to gain traction. This pause in Bitcoin’s rally allows liquidity to shift to other strong projects, positioning Solana well for a potential continuation of its uptrend.
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The next few days will be crucial for Solana as traders look to see if support can hold above $210. If Solana holds this level and the momentum continues, a push towards the all-time high of $258 could unfold quickly, further cementing its role as the leading altcoin in the market’s current bull phase.
SOL Tests final stock levels before ATH
Solana is currently trading at $220, having broken its yearly highs, but is now facing some volatility as traders assess the next move. With SOL only 17% away from its all-time high of $258, many are keeping a close eye on whether it can maintain this momentum without giving traders lower entry points.
The USD 210 support level is particularly crucial in the coming days. If SOL fails to hold above this level, a short-term correction could push prices lower, potentially providing some breathing room for buyers looking to get in before the next rally. However, should the SOL hold steady above $210, the likelihood of a quick push to new highs becomes even greater as it signals continued bullish strength in a market that likes to move upward.
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As Solana continues to consolidate at these high levels, a decisive break could spark a rapid rally, attracting both retail and institutional interest. Traders are preparing for either outcome: a short correction as a buying opportunity, or a breakout that takes Solana into uncharted territory, setting new highs and reaffirming its place among the best-performing altcoins this cycle.
Featured image of Dall-E, chart from TradingView
Credit : www.newsbtc.com
