The post Solana Price Eyes Surge To $260, But Losing $190 Could Ruin The Rally appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Solana has extended its price decline below $200, but technical analysis shows that it continues to trade within a bullish setup. At the time of writing, Solana finds itself trading close to a support level that could determine its next major move. This is because technical analysis shows that Solana is currently trading in a parallel channel that could drive prices to new highs, but holding above the $190 support level is crucial to this outlook. Related Reading Solana’s Parallel Channel Supports Bullish Expectations Solana’s price action in the past seven days has been highlighted by a notable resistance at $205. Particularly, Solana’s rallies have faced rejection at this price point about three times throughout the past seven days. This rejection is particularly notable given that Solana recently reached a new all-time high of $293 in the last 30-day timeframe. The stark contrast between this all-time high and the most recent struggle at $205 shows the intense volatility Solana has experienced in recent weeks. Despite these fluctuations, technical indicators suggest that Solana remains in a well-defined parallel channel that has been directing its price movements since July 2024. This structured price channel consists of a sequence of higher highs and higher lows. Although there have been occasional pullbacks, the broader trend suggests that buyers are still in control and preventing a major breakdown to keep Solana’s bullish structure intact. The presence of this parallel channel was emphasized in a recent technical analysis by Ali Martinez, a well-known crypto analyst. Martinez highlighted that as long as Solana maintains its position within this formation, there’s still the possibility for a recovery to $225, with a further extension toward $260. SOL is currently trading at $193.79. Chart: TradingView These price projections are derived from Fibonacci extension…

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Filed under: News - @ February 16, 2025 3:25 pm