Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to consolidate above this key level. This period of volatile price action highlights Solana’s strong position within the market, as investors watch for signs of a further breakout. 

Top analyst and investor Immortal recently shared an insightful technical analysis comparing Solana’s chart to Bitcoin’s historical price movements, suggesting that Solana’s next breakout may be imminent.

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As the market reaches new highs, Solana’s ability to hold above $210 could indicate strength, drawing in additional interest from retail and institutional investors. In the coming days, Solana’s price action will likely clarify whether this consolidation phase is merely a pause before a more substantial move. 

With the broader crypto market reaching unprecedented levels, Solana is positioned at a critical juncture, and traders will closely monitor its performance for signs of a continuation of its upward trajectory.

Solana Preparing For A Rally

Solana appears poised for a significant rally, having broken out of an 8-month accumulation phase that began in March. This critical development has caught the attention of top analyst and trader Inmortal, who shared an analysis on X, comparing Solana’s recent chart patterns to those of Bitcoin. His technical perspective suggests that Solana mirrors Bitcoin’s past price movement and could be on the cusp of a substantial surge.

Following its break above the yearly high of $210, Solana’s next target is likely to be its all-time high of $258. This level is viewed by many as a critical resistance, and a successful test could pave the way for even greater price gains. The breakout from such an extended accumulation phase has bolstered confidence in Solana’s bullish structure, and the market is closely watching for signs of sustained momentum.

The timing of this potential move is also strategic. As Bitcoin consolidates just below its all-time high, a period of stability could provide the perfect window for altcoins, particularly Solana, to gain traction. This pause in Bitcoin’s rally allows liquidity to shift toward other strong projects, positioning Solana well for a possible continuation of its upward trend.

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The next few days will be pivotal for Solana as traders look to see if it can sustain support above $210. If Solana holds this level and momentum remains, a push toward the $258 all-time high could unfold rapidly, further solidifying its role as a leading altcoin in the market’s current bull phase. 

SOL Testing Last Supply Levels Before ATH

Solana is currently trading at $220, having broken its yearly highs, yet it’s now encountering some volatility as traders assess the next move. With SOL just 17% away from its all-time high of $258, many are watching closely to see if it can sustain this momentum without giving traders any lower entry points.

The $210 support level is particularly crucial in the coming days. If SOL fails to hold above this mark, a short-term correction could drive prices lower, potentially offering some breathing room for buyers looking to enter before the next rally. However, should SOL remain steady above $210, the likelihood of a rapid push to new highs becomes even stronger, as it signals ongoing bullish strength in a market eager for upward movement.

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As Solana continues to consolidate at these elevated levels, a decisive break could ignite a swift rally, drawing in both retail and institutional interest. Traders are preparing for either outcome: a brief correction as a buying opportunity, or a breakout that takes Solana into uncharted territory, setting new highs and reaffirming its place among top-performing altcoins this cycle.

Featured image from Dall-E, chart from TradingView

A widely followed analyst and trader is leaning bullish on a large-cap altcoin amid a broader crypto market rally.

The analyst pseudonymously known as Pentoshi tells his 809,700 followers on the social media platform X that Solana (SOL) is in the “all-time high waiting room.”

On the weekly time frame, Pentoshi shares a chart suggesting that Solana has formed a double-bottom pattern, a technical analysis structure that’s typically considered bullish as buyers step in to keep an asset from printing new lows.

According to the widely followed analyst, Solana is on the cusp of taking out its resistance at around $204, which has kept SOL bearish since 2022.

“While there could be some short-term resistance ahead, I don’t expect to last too long.

Structurally this looks great, and in my opinion, dips are for buying.

It should be challenging all-time highs this month.”

The analyst also says his long-term target for Solana is a price around 110% above the current level.

“Above $200 and it likely sees all-time highs shortly after. Long-term target $420.69. Not a cent higher.”

Solana is trading at $200 at time of writing, up by around 20% this month.

Turning to the wider altcoin market, Pentoshi says that TOTAL3, which tracks the total market cap of all crypto assets excluding Bitcoin (BTC) and Ethereum (ETH) and stablecoins, is likely to rise by about 14% from the current level.

“Altcoins. I think we will see a breakout in the near future and move back towards the $760 billion mark. It keeps knocking at this and I believe the space got the green light.”

The market cap of TOTAL3 is hovering at $668 billion.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Over the past five years, the ratio has risen from 0.02 to a peak of above 0.08 in early 2022, meaning ETH quadrupled in value relative to BTC at the time. Since then, it’s been on decline. Even as BTC set a lifetime high, ether has yet to break through its high from 2021 and is down 46% from its peak.