Usman Salis
⬤ Solana has fallen more than 4 % this week and now sits close to a key price level. Market analysis shows that SOL is again touching a long term rising trendline that has served as a launchpad for rallies since early 2023. On Binance the perpetual contract lists SOL near $127, a price area where buyers have previously entered in large numbers.
⬤ This trendline has held through multiple market cycles. In early 2023 SOL rebounded sharply from this support moving from about $7 to $16. Several months later another test of the same line pushed prices from around $12 to nearly $24. On both occasions buyers acted with conviction at this structural level. The trendline later underpinned an even larger advance in late 2023 and 2024, when SOL surged from double digits to a peak above $230.
⬤ At present SOL is retreating from the upper part of its range and heading directly toward that same rising support. With the token just above $127 it is reaching the exact area where previous accumulation phases began. Since mid-2024 Solana has traded mainly between $140 and $240 and the latest decline returns price to a zone that has repeatedly drawn strong buying interest.
SOL is retesting a long term ascending trendline that has served as a major support zone since early 2023.
⬤ The market's next move at this support level will likely set the tone for broader momentum. Solana's price action often steers risk appetite across the altcoin space - whether this trendline holds or fails will shape expectations for near term volatility. With SOL now challenging a support level that has remained intact for almost two years, the coming trading sessions will show how sturdy sentiment is as the market enters its next phase.
Usman Salis
