Solana has extended its drop in prices less than $ 200, but the technical analysis shows that it continues to exchange in an increased configuration. When writing the editorial’s time, Solana is close to a level of support that could determine her next major movement.
Indeed, the technical analysis shows that Solana is currently negotiating in a parallel channel which could generate prices to new peaks, but maintenance above the level of support of $ $ is crucial for this perspective.
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The Solana parallel canal takes care of the bullish expectations
The solara prices action in the last seven days has been highlighted by a significant resistance at $ 205. In particular, Solana’s rallies have faced a rejection at this price about three times in the last seven days. This rejection is particularly notable since Solana reached a new summit of all time $ 293 within 30 days. The striking contrast between this summit of all time and the most recent fight at $ 205 shows the intense volatility that Solana has known in recent weeks.
Despite these fluctuations, the technical indicators suggest that Solana remains in a well -defined parallel channel which has directed its price movements since July 2024. This structured price channel consists of a higher and higher sequence of high and low. Although there have been occasional withdrawals, the wider trend suggests that buyers still control and prevent major ventilation to maintain the bullish structure of Solana intact.
The presence of this parallel channel was underlined in a Recent technical analysis By Ali Martinez, a well -known crypto analyst. Martinez stressed that as long as Solana retains her position in this training, it is always possible to recover at $ 225, with a new extension to $ 260.
These price projections are derived from the levels of fibonacci extension, in particular the levels of 0.786 and 1.0 fibonacci, projected from $ 125 of October 2023 of Solana. However, for this optimistic perspective to remain valid, the analyst warned that Solana should be more than $ 190. The fact of not maintaining this level of support could invalidate the momentum upwards and cause a downward movement.
Picture from X: Ali_charts
Why $ 190 is a critical level for Solana
Despite the upward trajectory, Solana’s ability to maintain support at $ 190 is crucial for Support the momentum upwards. Indeed, $ 190 are around the lower trend line of the parallel canal.
Solana has Tested this price level of $ $ 190 Several times since the beginning of the month, even the break below when it reached the bottom at $ 184 on February 3. Although it has since been restored as an active buyers in the defense of the price, proximity continues at $ 190 indicates a persistent weakness and the Deeper correction risk If the bears manage to dominate the upward defenses.
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At the time of writing the editorial staff, Solana is negotiated at $ 193, down approximately 1.47% in the last 24 hours.
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