After a 33% drop from its late November high of $264, Solana (SOL) is in a state of turmoil. Solana is showing resilience and a strong long-term outlook despite the recent decline.
Renowned cryptocurrency researcher Karl Ronnie Felt discussed on X, emphasizing the attractive technical structure of SOL. Ronnie Felt claims that Solana has retested a major weekly triangle pattern. This important test shows that Solana’s price action is healthy and could start a major uptrend soon.
Bulls are optimistic that Solana has maintained its structural integrity throughout the market corrections. SOL may recover and reach new highs if it continues to maintain its current levels and speed. Solana’s response to this technical warning may determine its future in the coming weeks.
Solana Rising Structure
Despite a 30% drop from its all-time high, Solana (SOL) remains positive on higher timeframes, indicating long-term strength. This resilience gives experts and investors hope that Solana will outperform when the market recovers. Trading enthusiasts waiting for the next crypto rally are choosing SOL due to its strong fundamentals and rapid acceptance.
Prominent crypto analyst Karl Ronnie Felt recently released a comprehensive technical analysis of X, indicating a bullish trend for Solana. Ronnie Felt said that SOL has retested a large weekly triangle formation, which is a pivotal point for its uptrend.
Expect the cryptocurrency to surge to $330 if Solana can hold above $180 in the coming weeks. Solana is expected to lead the next market rally.
However, there is still uncertainty in the market. The leading currency Bitcoin failed to reclaim $100,000, and traders remain pessimistic. This uncertainty threatens altcoins like Solana, which rely on Bitcoin’s strength to rise.
Solana is trading at $185 after holding the 200-day exponential moving average (EMA) at $175. SOL’s defense of this crucial level indicates bullish potential.
Despite the market volatility, Solana is making higher lows on a weekly basis, indicating a positive trend.