Solana (SOL) has attracted market attention after several days of turbulence, finally breaking through the $225 mark and setting a new yearly high. Currently, Solana is trading at $235, just 10% below its all-time high, which has attracted the attention of investors and analysts.
Top analyst Ali Martinez recently shared a chart that highlights Solana’s potential for further gains. According to Martinez, its price target is $250, which represents a critical supply zone. A successful breakout above this level could create conditions for Solana to challenge all-time highs, sparking bullish sentiment across the market.
The next few days will be crucial for Solana as it tests the stability of its upward trajectory. Bitcoin’s bullish performance has also fueled optimism across the market, further supporting Solana’s price action. The recent breakout suggests that bullish momentum is building and Solana continues to outperform many altcoins in the cryptocurrency market.
Solana is about to enter the price discovery phase after successfully breaking through the key $225 resistance level. This key move has reinforced bullish sentiment, with many analysts predicting that it will soon hit a new all-time high. As Solana breaks through the key supply level, its strong price action makes it one of the assets with great potential in the current market cycle. Martinez shared his technical analysis on the X platform, highlighting the significance of this breakthrough. Martinez believes that Solana seems to be entering a bullish phase, and the recent price surge is just the beginning of a larger upward trend.
Solana broke through the key resistance level of $225. He identified $250 as Solana's next target, which is slightly lower than the all-time high of $259 set in November 2021. Martinez feels that reaching these levels could trigger a sustained rally that pushes Solana into price discovery territory.
The confirmation of the $225 breakout reflects growing demand, driven both by institutional interest and broader market optimism. If Solana can successfully test and sustain above $250 in the coming days, it could trigger a domino effect, setting the stage for further bullish momentum. Entering the price discovery phase could attract a significant amount of buying pressure, pushing Solana into uncharted territory and setting new highs.
Solana is trading at $236, breaking its yearly high and setting a new local high, just 10% below its all-time high (ATH). The price surged 9% on the day, showing strong bullish momentum as investors regained confidence in Solana's upward trajectory. Bulls appear to be in complete control of the price action, with demand bringing significant upward pressure.
Solana breaks through a key supply level. To sustain this breakout and keep the bullish momentum going, Solana must stay above $225 in the coming days. This level has now become a key support area, validating the recent breakout and setting the stage for Solana to challenge its ATH. A successful retest and sustain above $225 could create conditions for Solana to continue climbing to new highs.
However, if SOL fails to hold this critical level, a period of sideways consolidation could occur. Such a consolidation phase would not necessarily indicate market weakness, but rather a healthy pause to digest recent gains before resuming the upward trend. In such a scenario, bulls still have a chance to regain control and push SOL to new highs after building a more solid foundation. Currently, all eyes are on Solana as it approaches the price discovery phase and potential new highs.
