The Solana crypto price has successfully reclaimed the critical support level of $197, bolstering its market structure and setting the stage for a potential expansion towards the $260 resistance level. This development is particularly noteworthy as it occurs at higher lows, further solidifying the bullish outlook for Solana.
Solana’s Price Reclaim and Market Structure
Solana has managed to reclaim the $197 support level, which is now situated above the value area of its wider trading range. This structural recovery underscores a strong bullish foundation, characterized by the consistent formation of higher highs and higher lows. Furthermore, the total value of tokenized assets on the Solana network has surpassed $500 million, highlighting the network’s expanding utility beyond mere speculation. Market participants are now eagerly awaiting a volume confirmation to validate the onset of an expansion phase.
Key Technical Points for Solana’s Price
The reclaim of the $197 support level marks a significant technical victory for Solana bulls. This level corresponds to the value area high of the previous trading range and provides a robust technical floor. Since the reclaim, the price has consistently printed higher highs and higher lows, confirming that the bullish impulse remains intact. The market structure indicates a vertical accumulation, where buyers steadily push the asset through repeated support and higher low formations. This structure suggests that the market is poised for a sharp expansion phase once strong volume trends are observed. The resistance zone of $260 has emerged as the next critical level, aligning with the broader bullish trajectory.
Vertical Accumulation and Volume Trends
Solana’s price campaign exhibits characteristics of vertical accumulation, implying that buyers are steadily gaining control. However, the current impulsive movements lack the support of persistent demand, as evidenced by the lack of significant volume increases. Historically, Solana’s rallies have been marked by crucial volume surges, which not only validate the expansion but also continuation patterns. Therefore, traders should closely monitor volume inflows to confirm the next leg higher.
Solusdt (1d) argine, source: trading view
Expectations for the Upcoming Price Campaign
As long as Solana maintains support above $197 and continues to form higher lows, the likelihood of a rally towards $260 remains favorable. A breakdown below $197 would invalidate the bullish structure. Market participants should remain vigilant, monitoring volume trends and support levels to navigate the evolving market landscape. For more detailed analysis and updates on Solana and other cryptocurrencies, visit https://crypto.news/why-solanas-vertical-accumulation-suggests-a-price-rally-to-260/.
