Analyst expects all-time high
Solana started the year with a 12% surge, reaching $210 and giving investors hope. Altcoins are rising as market sentiment improves. Many are wondering if Solana’s recent surge is the beginning of a major rally for the high-performing blockchain.
In a technical analysis on X, prominent analyst Yeli highlighted a major development in Solana’s price action. Yeli claims that SOL has broken out of a daily decline that began after its all-time high. These breakouts suggest that Solana could be preparing for a long-term increase in the coming weeks.
Converting $210 into support could lead to a long-term rally for Solana. As cryptocurrencies across the spectrum surge, investors will be watching Solana’s ability to benefit. As the new year begins, can Solana use this strong run to reach new highs and consolidate its leadership in the crypto market?
Price action refers to movement.
Solana is gaining speed as the crypto market recovers from local lows. The altcoin giant surged after hitting a huge demand level above $180. This has encouraged investors, who see Solana as a strong and viable asset in the current market.
Prominent analyst Yeli just provided a comprehensive technical analysis on X, pointing out positive trends for Solana. Yeli says that SOL has come out of its slump and has reclaimed monthly and weekly support levels. Solana is also trading above its 50-day exponential moving average (EMA), indicating a bullish structure and price strength.
These technical indicators suggest that Solana is about to make a big move, possibly pushing the price to new highs. A breakout will require high market activity and positive sentiment in the coming weeks to continue the rise.
Solana Technical Evaluation
The daily chart of Solana (SOL) is showing signs of bullish strength after a quick rebound from the $175 level, which coincides with the 200-day EMA. This technical bounce has brought SOL to a crucial supply zone at $210, a milestone as it moves higher.