Solana (SOL) has been hovering between $140 and $160 recently, after the coin suffered a massive drop of more than 43% in late July, briefly reaching around $110.

Sol has now shown a strong recovery, and the question now is whether and when Solana can reach a new all-time high. What does the market have in store and are there any signs that Solana could surge to new all-time highs soon?

Technical Analysis: Solana Ready for New Horizons?

Dutch cryptocurrency analyst Jelly shared via Share on X Technical analysis of Solana. It compares the current market cycle with previous periods of consolidation.

Gilley stated that Solana is currently in a mid-cycle consolidation phase above $130, a situation he believes is similar to the phase in 2021. At that time, this consolidation led to a significant price increase and all-time highs.

Gilly predicts that if Solana manages to break the key resistance level at $209, it will be a strong signal for further growth towards the all-time high at $260. He emphasized that the $209 level is a crucial resistance, and breaking it could signal the resumption of the uptrend. Additionally, Gilly points out that the current price level around $158 is already above the 200-day moving average, which is a positive sign for potential further increases.

The coming days will be crucial to see if Solana can gather enough momentum for a new uptrend, or if a longer period of stability will occur first.

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