As Solana (SOL) attempts to reclaim a crucial level, a market watcher forecasted a massive rally for this quarter. However, some analysts suggested that the cryptocurrency will retest the range lows soon.<\/p>\n
Related Reading<\/span><\/h2>\n<\/p>\nSolana Nears Crucial Level<\/h2>\n
On Tuesday, Solana surged 9.6% from the recent lows, driven by the start of Solana Mobile\u2019s global shipments of the Seeker, its second-generation Web3 smartphone, to over 50 countries.<\/p>\n
The news propelled the altcoin to a multi-day high of $171, fueling bullish sentiment among investors before its price retraced to the mid-zone of its local range. Notably, SOL has been hovering between the $140-$180 range since the April-May breakout, attempting<\/a> to reclaim the local high for the past three months.<\/p>\nDuring the June correction, SOL momentarily lost its local range lows, retesting the $120-$130 zone as support. However, the cryptocurrency reclaimed its range amid the July rally, briefly breaking out of the upper boundary and hitting a five-month high of $206 two weeks ago.<\/p>\n
Since then, Solana has seen a 25% correction<\/a> from the highs to the mid-zone of its local price range, currently trading between the $160-$164 levels. Amid its recent performance, analyst Ali Martinez highlighted SOL\u2019s most crucial levels, based on the UTXO Realized Price Distribution (URPD) indicator.<\/p>\nSOL\u2019s most crucial levels. Source: Ali Martinez on X<\/a><\/figcaption><\/figure>\nAccording to the chart, the key support area for the altcoin is around the $165 mark, where the largest supply cluster is with 44.4 million SOL, or 7.42% of the supply. As a result, Solana must reclaim the $165 level soon, or it will risk turning this key level into a key resistance, leading to further downside.<\/p>\n
Nonetheless, if this level is reclaimed, then the altcoin would have to retest the crucial resistance levels around $177 and $189, where investors have also accumulated 27.6 million and 23.6 million SOL, respectively.<\/p>\n
SOL Preparing For The \u2018Real\u2019 Run?<\/h2>\n
Analyst Crypto Jelle highlighted<\/a> Solana\u2019s recent price action, asserting that SOL is \u201cquietly trending higher\u201d with higher lows and turning resistance levels as support.<\/p>\nThe market watcher forecasted that Solana would reach a new all-time high this quarter, as he doubts \u201cthe train stops anytime soon\u201d once it finally breaks out of the $200 resistance<\/a>.<\/p>\nMeanwhile, Crypto Batman suggested<\/a> that the altcoin will see another correction soon. To the analyst, Solana could have a 10% drop to its four-month ascending support line, which sits around the $150 level, before \u201cthe real move.\u201d<\/p>\nPer the chart, the cryptocurrency has bounced from this support line twice, in April and June, before rallying to local highs during the May and July price breakouts.<\/p>\n
Related Reading<\/span><\/h2>\n<\/p>\nSimilarly, analyst Ted Pillows asserted<\/a> that SOL could see a significant rally this year despite the recent underperformance, as network activity remains strong. He predicted a 10%-15% correction, affirming that \u201ca dip towards $140-$150 before reversal is highly likely to happen.\u201d<\/p>\n
During the June correction, SOL momentarily lost its local range lows, retesting the $120-$130 zone as support. However, the cryptocurrency reclaimed its range amid the July rally, briefly breaking out of the upper boundary and hitting a five-month high of $206 two weeks ago.<\/p>\n
Since then, Solana has seen a 25% correction<\/a> from the highs to the mid-zone of its local price range, currently trading between the $160-$164 levels. Amid its recent performance, analyst Ali Martinez highlighted SOL\u2019s most crucial levels, based on the UTXO Realized Price Distribution (URPD) indicator.<\/p>\n According to the chart, the key support area for the altcoin is around the $165 mark, where the largest supply cluster is with 44.4 million SOL, or 7.42% of the supply. As a result, Solana must reclaim the $165 level soon, or it will risk turning this key level into a key resistance, leading to further downside.<\/p>\n Nonetheless, if this level is reclaimed, then the altcoin would have to retest the crucial resistance levels around $177 and $189, where investors have also accumulated 27.6 million and 23.6 million SOL, respectively.<\/p>\n Analyst Crypto Jelle highlighted<\/a> Solana\u2019s recent price action, asserting that SOL is \u201cquietly trending higher\u201d with higher lows and turning resistance levels as support.<\/p>\n The market watcher forecasted that Solana would reach a new all-time high this quarter, as he doubts \u201cthe train stops anytime soon\u201d once it finally breaks out of the $200 resistance<\/a>.<\/p>\n Meanwhile, Crypto Batman suggested<\/a> that the altcoin will see another correction soon. To the analyst, Solana could have a 10% drop to its four-month ascending support line, which sits around the $150 level, before \u201cthe real move.\u201d<\/p>\n Per the chart, the cryptocurrency has bounced from this support line twice, in April and June, before rallying to local highs during the May and July price breakouts.<\/p>\n Similarly, analyst Ted Pillows asserted<\/a> that SOL could see a significant rally this year despite the recent underperformance, as network activity remains strong. He predicted a 10%-15% correction, affirming that \u201ca dip towards $140-$150 before reversal is highly likely to happen.\u201d<\/p>\nSOL Preparing For The \u2018Real\u2019 Run?<\/h2>\n
Related Reading<\/span><\/h2>\n<\/p>\n
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