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Crypto analyst Ali Martinez has emphasized a crucial moment for the Solana price action, which indicates a Most important support level Within a parallel channel. His technical analysis, which is based on Sol Price Action on the daily candlestick time frame, shows that the Altcoin has been traded in an Uptrend channel since July 2024.
In particular, this Uptrend channel has been emphasized by the formation of higher lows and higher highlights while Solana continued to push to new all time.
Now Martinez noted that retention above an important level of support could be that could Strengthen the rebellion of the Altcoin To the upper trend line of the support channel.
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The technical prospects of the analysts: a make-or-break support level
At the time of Martinez’s analysis, Solana traded at $ 193, after a barrage of decreases during last week. This decline in particular saw Solana the lower trend line of this Uptrend channel. As such, the analyst noted that the Sol action could determine the next big move from here.
If Solana manages to keep it above this support level, the upward trend can regain the power and the channel will still be in the game. In this case, Solana will still be on track to push to the top of the channel, so that the price target places around $ 387. On the other hand, if the support fails, a deeper correction can be on the table.
Image X: Ali_charts
Solana Price Action: a roller coaster ride to $ 293 and back
SOL is one of the best performing cryptocurrencies in the current crypto cycle, with its price that recently rises to a new highest point of $ 293 on January 19.
The rally was mainly powered by a wave of interest After the launch of The official Trump Meme Coin on the Solana Blockchain, which adds momentum to an Al Bullish trend for the Altcoin. However, the euphoria has cooled down since then, with Solana experiencing A decrease of 30% Since the all time.
Since the time of the analysis, Solana has succeeded in returning somewhat from the lower limit of his upward channel. Solana is currently being traded at $ 204, which means that it has increased by around 5.7%, because Martinez emphasized the most important support zone.
This reversal suggests that the Uptrend channel is still in the game and Solana can continue to push until it reaches $ 389. Interestingly, this price target at the top of the channel is reinforced by the Fibonacci extension -indicator.
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This indicator is expanded from the Solana layer of $ 109 in August 2024, and the price objective of $ 389 is at the extension level of 1.272. The meaning of this expansion is reinforced by the fact that the January of Solana also coincided with the 1.0 Fibonacci level.
Despite this recovery, the Bullish Momentum has still to confirm himself with a strong outbreak. There is still a possibility that Solana could do that Test the lower limit again From the channel again before you set up a more decisive upward trend.
Featured image of Fortune, Graph of TradingView
Credit : www.newsbtc.com
