Crypto analyst Ali Martinez stated in his latest assessment of the Solana (SOL) price that it has entered a critical phase.
According to Martinez, Solana is moving within a narrow consolidation channel after a prolonged period of pressure, and the next 48 hours could determine the price direction for the remainder of April.
According to the analyst, the current technical structure indicates that the price has retreated to the lower band of the channel. In this context, the key levels for Solana are as follows:
- Resistance: $96.04
- Support: $76.66
Martinez stated that if the support level of $76.66 holds, a classic “double bottom” formation or a rebound within the channel could be seen. In this scenario, the first short-term target is $81, followed by $85, which corresponds to the 50-day moving average.
On the other hand, the analyst warned that the technical outlook would deteriorate if the daily close were below $76.66. In this scenario, Martinez stated that the downtrend could gain strength, potentially pushing the price down to its year-to-date low of $68.54, and even bringing the psychological $50 level into play.
*This is not investment advice.
