Solana Monthly Chart ‘Looks Ready For A Monster Run’ – Details
December 17 2024 - 4:30PM
NEWSBTC
Solana (SOL) has been holding steady above a crucial demand level
near $210, a key area that could ignite a massive bull run. After
reaching an all-time high (ATH) on November 22, Solana has
experienced a 23% retracement, testing investor confidence.
However, analysts remain optimistic, with many expecting a
significant upward move in the coming weeks. Related Reading:
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Renowned analyst Jelle recently shared a technical analysis
highlighting Solana’s strong potential. According to Jelle, the
monthly chart for SOL is primed for an “absolute monster run,”
indicating that the current consolidation phase may be laying the
groundwork for a powerful breakout. This view aligns with the
broader sentiment that Solana’s resilience above $210 could act as
a springboard for the next phase of its rally. As one of the
leading altcoins in the crypto market, Solana has attracted
attention for its robust performance and potential to lead the next
leg of the bull market. With the price now consolidating after a
sharp pullback, all eyes are on SOL’s ability to maintain its
critical support and reclaim momentum. Whether Solana can deliver
on its bullish promise will be a key focus for traders and
investors alike in the coming weeks. Solana Holds Key Demand
Solana is currently trading above a critical level for this
cycle—the $210 mark. This price point, which previously acted as a
significant resistance, has now flipped into a vital support level,
setting the stage for Solana’s next potential rally. The importance
of this level cannot be overstated, as it represents a key area
where buyers are stepping in to defend SOL’s bullish momentum.
Renowned analyst Jelle recently shared a compelling technical
analysis on X, emphasizing Solana’s strong outlook. According to
Jelle, Solana’s monthly chart is primed for what he described as an
“absolute monster run.” His analysis highlights how SOL’s price is
now testing its 2021 all-time high (ATH) as support, a critical
juncture that could determine its trajectory in the weeks to come.
Jelle’s simple yet powerful chart indicates that if Solana manages
to push decisively above the $210 level, it will confirm the
strength of this support and potentially trigger a massive bull
run. This rally could result in impressive gains for SOL,
positioning it as a standout performer in the crypto market.
Related Reading: Bitcoin Breaks ATH Pushing Back Into Price
Discovery – BTC To $130K? For now, all eyes are on Solana’s ability
to sustain its momentum and break higher. As it consolidates above
this essential level, traders and investors are closely monitoring
its next moves, anticipating the possibility of a historic price
surge. Price Action Suggests A Big Move Soon Solana is trading at
$221, maintaining its strength above the critical $210 support
level. This resilience has bolstered confidence among investors, as
SOL’s price action aligns bullishly across all time frames. Solana
is gearing up for a major rally, but it must first overcome the
$245 resistance level to confirm the uptrend. Market dynamics
indicate that SOL is in a prime position for upward momentum.
Unlike other assets that may show signs of hesitation or potential
consolidation, Solana exhibits a well-defined price structure that
strongly favors a breakout. The lack of bearish signals further
solidifies this outlook, as there is little indication of an
imminent correction or prolonged sideways trading. Related Reading:
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breaches the $245 resistance with strength, it could trigger a wave
of buying pressure, propelling the price to new heights. This setup
has many traders eyeing the next potential levels for Solana, with
the broader market sentiment favoring continued gains. Featured
image from Dall-E, chart from TradingView
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