Solana Compresses Around Previous ATH Amid Market Volatility
Solana (SOL) reached a new all-time high of $295, followed by a decline exceeding 22%. It has since partially recovered, maintaining investor optimism.
Key points from analyst Jelle's technical analysis include:
- Current volatility is expected after significant price rallies.
- Solana is consolidating around previous highs, which is seen as a healthy market phase.
- Key demand levels are holding firm, indicating potential for further bullish momentum.
Current trading status:
- SOL is priced at $243, down over 10% in the last day.
- Maintaining above $243 is crucial to avoid further losses.
- A breakout above $265 could restore bullish momentum.
- A drop below $230 may trigger increased selling pressure and challenge recent bullish trends.
Investors are closely watching Solana’s ability to navigate this critical phase and maintain support levels for potential recovery.
