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Solana extended its price to less than 200 dollars, but technical analysis shows it Trading continues within the upscale preparation. At the time of writing this report, Solana finds himself trading near the support level that can determine his next main steps.
This is because technical analysis indicates that Solana is currently circulating in a parallel channel that can push prices to new levels, but adhere to the support level of $ 190 is necessary for this view.
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Solana’s parallel channel supports upscale expectations
Solana’s price movement has been highlighted in the past seven days by marked resistance at $ 205. In particular, Solana gatherings have faced rejection at this price about three times during the past seven days. This refusal is especially noticeable given that Solana recently I reached the highest new level ever From $ 293 in the last 30 days of the time frame. The blatant contradiction between this shows the highest level ever and the latest conflict at $ 205 is that Solana’s severe volatility has seen in recent weeks.
Despite these fluctuations, technical indicators indicate that Solaa is still in a well -defined parallel channel that directs price movements since July 2024. This organized channel consists of a series of high highlands and high decreases. Although there is withdrawal from time to time, the broader direction indicates that buyers are still controlling and preventing a major collapse to maintain Solana’s Saudi budget structure.
The presence of this parallel channel was emphasized in a Modern technical analysis Written by Ali Martinez, a well -known encryption analyst. Martinez highlighted that as long as Solana maintains her position within this composition, there is still a possibility to restore $ 225, with an additional extension of about $ 260.
These price forecasts are derived from Fibonacci extension levels, specifically 0.786 and 1.0 Fibonacci levels, expected to decrease Solana 2023 at $ 125. However, in order for this bullish outlook to remain valid, the analyst warned that Solana should exceed $ 190. Failure to maintain this support level can nullify upward momentum and cause a negative step.
image From x: Ali_charts
Why $ 190 is a decisive level for Solana
Despite the bullish path, Solana’s ability to maintain support at $ 190 is very important Keep upward momentum. This is because $ 190 is around the lower direction line of the parallel channel.
Solana has Test this price level of $ 190 Several times from the beginning of the month, until his breaking below when he reached $ 184 on February 3. The risk of deeper correction If the bears can overcome the bullish defenses.
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At the time of this report, Solana is trading at a price of $ 193, a decrease of 1.47 % over the past 24 hours.
Distinctive image of medium, tradingView graph
