An analyst has pointed out where Solana support levels could lie based on a Parallel Channel forming in the asset’s weekly price chart.
Solana Parallel Channel Could Indicate Support At These Levels
In a new post 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.
The “Parallel Channel” is a pattern from technical analysis (TA) 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.
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.
In the context of the current topic, the third and the most basic type is of interest: a Parallel Channel that’s parallel to the time-axis. As the price moves inside such a channel, it observes a phase of perfectly sideways action.
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:
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.
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.
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.
Solana last tested the lower-most of these levels during the bear market 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.
SOL isn’t the only cryptocurrency observing a Parallel Channel setup. As Martinez has highlighted in another X post, the monthly price of Stellar (XLM) has also been moving down such a pattern, with possible support levels existing at 0.147, 0.078, and 0.041.
SOL Price
At the time of writing, SOL is floating around $81, down 5.5% in the last 24 hours.