Crypto analyst Alex Clay has identified key technical formations on Solana’s chart that point toward a possible break above its previous all-time high.
Clay’s analysis, shared via X, emphasizes the digital asset’s strong positioning above major support zones and the emergence of a bullish candlestick pattern.
The monthly supply zone has become a focal point for Solana’s price action, with sustained trading activity showing persistent buyer interest. Market data reveals a solid support base between $100 and $130, which has anchored SOL’s upward trajectory since early 2023.
Couple of facts on #SOL Re-Accumulation inside of the Monthly Supply Zone, also above the key zoneThree White Soldiers breakout$SOL already tested the 2021 All Time High, not it's time to break through the one pic.twitter.com/lKpFTG14OW
— Alex Clay (@cryptclay) December 5, 2024
The price consolidation within this range has created a stable foundation for further advancement. Trading volumes indicate strong institutional participation, with systematic accumulation occurring during quieter market periods. This behavior aligns with traditional re-accumulation patterns seen before market moves.
Three White Soldiers Pattern Emerges
A distinctive Three White Soldiers formation has materialized on SOL’s price chart, characterized by three consecutive positive closing periods. This technical pattern holds particular weight as it follows an extended re-accumulation phase within the $240 to $260 range.
Market participants have noted the methodical nature of these price advances, suggesting calculated positioning rather than speculative fervor. The pattern’s appearance at current price levels adds technical validation to the broader market structure.
Read also: Here’s Why Dogecoin (DOGE) Price Could See an Epic Breakout Soon – Analyst
Historical Price Levels Test Market Resolve
SOL’s approach toward its 2021 peak of $259.90 marks a defining moment in its price evolution. The digital asset has demonstrated resilience by maintaining prices near this historical threshold while establishing higher support levels.
The convergence of multiple technical factors – including the Three White Soldiers pattern, sustained re-accumulation, and proximity to all-time highs – creates a noteworthy technical setup. Trading activity shows continued market engagement, with volume patterns supporting both consolidation and advancement phases.
Moreover, the established support structure provides a framework for potential price discovery should SOL breach its previous peak potentially hitting $300 to $400. This technical confluence offers context for market participants monitoring SOL’s progress through these pivotal price points.
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