An analyst has pointed out where Solana support levels could lie based on a Parallel Channel forming in the asset\u2019s weekly price chart.<\/p>\n
In a new post<\/a> on X, analyst Ali Martinez has discussed how support is looking for Solana from the perspective of a Parallel Channel that may be emerging in its 7-day price.<\/p>\n The \u201cParallel Channel<\/a>\u201d is a pattern from technical analysis (TA)<\/a> that forms whenever an asset trades between two parallel trendlines. There are a few different ways a Parallel Channel can be categorized based on the orientation of its trendlines.<\/p>\n Ascending Channels involve lines that are pointing up, while Descending Channels have a downward slope. These types correspond to periods of parallel consolidation to a net upside and downside, respectively.<\/p>\n In the context of the current topic, the third and the most basic type is of interest: a Parallel Channel that\u2019s parallel to the time-axis. As the price moves inside such a channel, it observes a phase of perfectly sideways action.<\/p>\n Now, here is the chart shared by Martinez that shows the Parallel Channel that the weekly price of Solana has potentially been moving inside in recent years:<\/p>\n As displayed in the above graph, Solana retested the upper level of the Parallel Channel a couple of times during 2025. Each time, the price ended up topping out and a decline followed. The upper line of a Parallel Channel is considered to be a source of resistance, so these rejections may have been signs of the pattern being in action.<\/p>\n Since the latest rejection, SOL has been moving down in a sharp manner as the cryptocurrency sector as a whole has observed a bearish shift. So far, the coin is still contained inside the upper half of the channel, but if momentum weakens, it might end up traveling lower.<\/p>\n According to the analyst, these levels could act as support in such a scenario: $50.22, $22.47, and $9.98. These levels correspond to a point 50%, 75%, and 100% down the channel, respectively.<\/p>\n Solana last tested the lower-most of these levels during the bear market<\/a> of the previous cycle. Back then, it had helped the cryptocurrency reach a bottom. It now remains to be seen which direction the asset will go next and if a retest of any of these levels will take place.<\/p>\n