Solana Price Stays Within Ascending Channel — Is $387 Next?

After a relatively solid performance in January — which saw the altcoin reach $290, SOL started February with a deep correction beneath the $200 level. However, the Solana price could be on its way to a new all-time high, as it continues to trade within an ascending channel on a larger timeframe.

Here’s How SOL Price Could Climb To New All-Time High

In a February 8 post on the X platform, popular crypto analyst Ali Martinez has painted a fresh bullish outlook for the Solana price over the next few weeks. According to the trader, the price of SOL could experience a significant rally beyond its current record high and towards $387.

The reasoning behind this bullish forecast is the formation of an ascending channel pattern on the Solana chart on the daily timeframe. An ascending channel is a technical analysis pattern composed of two major (upward-sloping) trendlines; the upper line connecting the swing highs and the lower line connecting the swing lows.

Typically, the asset’s price remains within the ascending channel; with the upper boundary line often serving as a resistance area and the lower trendline serving as a support zone. Investors can trade as price swings between the pattern’s support and resistance levels or enter a position following a breakout or breakdown.