Solana has faced a sharp 23% correction since reaching new all-time highs nearly three weeks ago. This pullback, though significant, reflects broader market conditions as Bitcoin and altcoins enter a phase of indecision. The market is currently searching for support and consolidating below critical levels, with investors closely monitoring whether this phase will lead to recovery or further downside.
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Top analyst Jelle recently shared a technical analysis on X, suggesting that Solana holds promising upside potential. According to Jelle, if Solana can reclaim the $222 level in the coming days, it will likely trigger a quick and substantial surge. This key price point is a critical threshold that could shift sentiment and reignite bullish momentum for the popular altcoin.
While the broader market remains uncertain, Solana’s ability to recover and build momentum above $222 could set the stage for a decisive breakout. However, failure to reclaim this level could prolong its consolidation or lead to further retracement. Solana remains a closely watched asset, with retail and institutional investors waiting for clearer signals on its next direction. Will it recover its bullish trajectory or face continued selling pressure? The coming days are likely to provide answers.
Solana Finding Support In Previous Resistance
Solana has retraced to test crucial liquidity levels between $200 and $210, an area that previously acted as resistance but is now being evaluated as support. This zone holds significant importance for SOL’s price action, as it could determine whether the asset continues its bullish momentum or faces further consolidation.
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Solana’s price action is in a consolidation phase with no definitive direction, but the signs of a potential breakout are becoming clearer. The asset appears poised to make a decisive move, particularly if it reclaims key levels in the coming sessions.
Analyst Jelle recently shared insights on X, emphasizing the critical importance of the $222 level. Jelle noted, “Reclaim $222, and SOL quickly steps back into the spotlight. Deviate those lows and send it higher.” This suggests that if Solana successfully reclaims this key level, it could re-enter price discovery, triggering a massive breakout and attracting renewed attention from retail and institutional investors.
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