An analyst has pointed out that Solana's price may find support at specific levels based on a technical analysis pattern known as a Parallel Channel.
A Parallel Channel is formed when an asset trades between two parallel trendlines. In this case, the channel in question is horizontal and has been observed in Solana's weekly chart over several years.
The analyst notes that the upper line of the Parallel Channel serves as resistance, which may have contributed to previous price rejections. Since the latest rejection, Solana's price has declined sharply as the cryptocurrency market as a whole has experienced a bearish shift.
According to the analysis, if momentum weakens and the price continues downward, these levels could act as support: $50.22, $22.47, and $9.98. These levels correspond to points 50%, 75%, and 100% down the channel, respectively.