Solana Outlook: Analyst Expects Pullback Before Fresh Breakout
Solana (SOL) has continued its impressive performance, gaining nearly 28% over the past month and currently trading around $211 with a market capitalization of $114.6 billion.
The recent surge has positioned SOL among the strongest large-cap cryptocurrencies, but traders are now watching closely for its next move.
Ali Martinez’s Short-Term Outlook
Prominent market analyst Ali Martinez shared a new outlook on X, suggesting Solana could face a brief pullback before resuming its upward trajectory. According to his chart analysis, SOL may dip toward $206 in the short term, potentially creating a support level, before bouncing back toward the $217 zone. Martinez highlights this as a key resistance area that could determine whether Solana extends its bullish momentum.
Technical Signals Show Bullish Momentum
Technical indicators support his cautious optimism. On the 30-minute chart, the Relative Strength Index (RSI) is holding near 63, showing moderate bullish strength without entering overbought territory. Meanwhile, the MACD is signaling a mild bullish crossover, hinting at further upside potential once the minor correction plays out.
Market Performance Over the Past Month
Over the past month, Solana has consistently outperformed most altcoins, supported by rising trading volumes and strong institutional interest. Its price action has been marked by higher highs and higher lows, suggesting a well-formed uptrend. A successful rebound from the $206 area could pave the way for SOL to retest its August highs and potentially push beyond the $220 psychological level.
Key Levels to Watch
If the rebound fails to materialize, however, a breakdown below $206 could shift sentiment, opening the door for a retest of the $200–$195 support range. Traders will be watching closely whether Solana can maintain its bullish momentum or whether profit-taking triggers a deeper pullback.
Outlook
For now, Ali Martinez’s analysis highlights a crucial short-term battle between buyers and sellers. With SOL up nearly 28% in the last 30 days, a controlled pullback may ultimately serve as fuel for the next leg higher.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
