Solana (SOL) is trading just 6% below its all-time highs, fueled by a remarkable 16% surge from the $212 demand level. The rally has caught the attention of traders and investors alike, as SOL’s price action showcases a strong uptrend.
Top crypto analyst Johnny shared his technical analysis on X, predicting that Solana may retrace to its previous yearly highs before launching a new attempt to break its all-time highs. This forecast comes during a period of euphoria, with SOL delivering a stunning performance by soaring over 55% in less than two weeks.
Related Reading
The rapid climb has positioned Solana as one of the market’s standout assets, driven by increasing demand and strong fundamentals. However, Johnny’s outlook suggests a healthy pullback could be on the horizon, potentially offering a key buying opportunity before SOL challenges its historic price levels.
With SOL’s recent performance reigniting optimism in the crypto space, all eyes remain on its ability to maintain strength in the face of potential volatility. Will Solana defy expectations and reach new heights, or is a cooldown inevitable?
Solana Testing Critical Supply Level
Solana is testing a critical supply level just below $250, following a significant surge that has propelled it closer to its all-time high (ATH). This level serves as a key battleground, marking the last stronghold for sellers before SOL enters price discovery—a phase where it could carve out new highs.
Crypto analyst Johnny recently shared his perspective on X, highlighting that while Solana’s price action remains robust, a temporary retrace to lower levels may be necessary to gather momentum.
According to his technical analysis, SOL could dip into the $220 demand zone, a level he sees as crucial for buyers to step in and refuel the rally. Johnny predicts that Solana could stage a strong recovery from there, targeting an aggressive move above its ATH at $260.
Solana’s bullish momentum cannot be ignored despite the possibility of a retrace. The asset’s price action suggests a 6% surge above its ATH is well within reach if market conditions remain favorable. Continued strength in the broader crypto market could amplify buying pressure, helping SOL shatter its ATH and enter uncharted territory.
Related Reading
For now, all eyes are on…
Click Here to Read the Full Original Article at NewsBTC…
