Solana (SOL) is holding steady above the key demand level near $210, which is a key area that could spark a massive bull run. After hitting an all-time high (ATH) on November 22, Solana has experienced a 23% retracement, testing investor confidence. Analysts remain hopeful, however, with many expecting a significant move higher in the coming weeks.

Renowned analyst Jelle recently shared a technical analysis highlighting Solana’s great potential. According to Jelle, SOL’s monthly chart is poised for an “absolute monster rally,” indicating that the current consolidation phase may be setting the stage for a massive breakout. This view is consistent with the broader belief that Solana’s resistance above $210 could be a springboard to the next phase of growth.

As one of the leading altcoins in the cryptocurrency market, Solana has attracted attention for its solid performance and potential to lead the next leg of the bull market. As the price consolidates after a piercing decline, all eyes are on SOL’s ability to hold critical support and regain momentum. Whether Solana can deliver on its bullish promises will be a key topic for both traders and investors in the coming weeks.

Solana maintains key demand

Solana is currently trading above the critical level for this cycle – $210. This price point, which previously acted as significant resistance, has now reached a significant support level, setting the stage for another potential upside for Solana. The importance of this level cannot be overstated as it is a key area where buyers step in to defend SOL’s bullish momentum.

Well-known Jelle analyst recently shared compelling technical analysis on Xhighlighting Solana’s powerful prospects. According to Jelle, Solana’s monthly chart is primed for what he described as an “absolute gigantic run.” His analysis shows that SOL price is currently testing its 2021 all-time high (ATH) as support, a critical moment that could determine the stock’s trajectory in the coming weeks.

Jelle’s straightforward yet powerful chart indicates that if Solana manages to decisively break above the $210 level, it will confirm the strength of this support and potentially trigger a massive bull run. This growth could result in impressive profits for SOL, positioning it as a prominent performer in the cryptocurrency market.

For now, all eyes are on Solana’s ability to maintain momentum and break higher. As it consolidates above this necessary level, traders and traders are closely monitoring its next moves, anticipating the possibility of a historic price rally.

The price action suggests a huge move soon

Solana is trading at $221, maintaining its strength above the critical support level at $210. This resilience has boosted investor confidence as SOL’s price action continues to trend higher across all time frames. Solana is gearing up for a major rally, but must first clear the resistance level at $245 to confirm the uptrend.

Market dynamics indicate that SOL is in an excellent position for growth. Unlike other assets that may show signs of volatility or potential consolidation, Solana exhibits a well-defined price structure that is clearly conducive to a breakout. The lack of bear signals further strengthens this outlook as there is little indication of an imminent correction or prolonged sideways trading.

If SOL successfully breaks the resistance at $245, it could unleash a wave of buying pressure, pushing the price to modern levels. With this setup, many traders are eyeing the next potential levels for Solana, and broader market sentiment is supportive of further gains.

Featured image from Dall-E, chart from TradingView