Solana recently made a new all-time high on the weekly timeframe.
The price reacted strongly to the previously identified demand zone, sparking bullish momentum.
Key resistance near $251 could mark next big move – watch for breakout or correction
Let's talk about Solana - which is currently stealing the spotlight in the cryptocurrency market.
It recently hit its all-time high (ATH) on the weekly timeframe, which is an exciting moment for long-term holders.
But what's even more interesting is what unfolds when we dig deeper into the lower time frames.
4-hour chart: The bounce that stole the show
Remember that last demand zone they identified a few days ago? Well, Solana didn’t just do that, it reacted beautifully to it, bouncing back strongly indicating strong buyer interest.
If you've been following this area, it's to be commended; the market has delivered exactly what was expected.
But wait. Step back a bit and the plot gets a little more complicated. There’s a pool of rich liquidity on the left, sitting there like a magnet. Could this pool drag Solana into a temporary downturn? Maybe.
Markets like to attract liquidity before resuming their main trend, so don't let any pullbacks catch you off guard.
1-hour chart: Battle around $251
Moving to the hourly chart, this is where things get a little more interesting. Solana is tempting us with a supply zone. Above it, there is a tempting liquidity pool, practically begging to be let out.
If this area is broken, the game is on and Solana might quickly rush towards the supply area at $251.
Now, here’s where you might want to keep your eyes peeled. If Solana can break through the $251 level and continue this move, we could see another new record being born.
But it's a big "but" - if the price reacts sharply here, we could see a pullback, and possibly a return to testing previous demand areas.
Stay flexible, stay smart.
The beauty (and frustration) of cryptocurrencies is that they are unpredictable. Scenarios like this help define probabilities, but what about the market? It will do what it wants. One thing is for sure: Solana is in an exciting phase, and whether you’re holding it, trading it, or just watching, there’s a lot to watch.
Friendly reminder
This is just my opinion - not financial advice. Use this information wisely, but always do your own research. Trading is exciting but risky, so be careful!
What do you think of Solana's next move?
Will you be able to overcome the resistance or do we need a break?
Tell me what you think!
