An analyst has pointed out where Solana support levels could lie based on a parallel channel forming on the asset’s weekly price chart.
Solana Parallel Channel can indicate support at these levels
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The “Parallel Channel” is a technical analysis (TA) pattern that occurs when an asset trades between two parallel trend lines. There are a few different ways a parallel channel can be categorized based on the orientation of the trend lines.
Ascending channels have lines that point upward, while descending channels have a downward slope. These types correspond to periods of parallel consolidation with a net upward and downward trend, respectively.
In the context of the current topic, the third and most basic type is important: a parallel channel that runs parallel to the time axis. As the price moves within such a channel, it observes a phase of complete sideways action.
Here is the chart shared by Martinez showing the Parallel Channel that Solana’s weekly price may have moved inwards in recent years:
As shown in the chart above, Solana retested the upper level of the Parallel Channel a few times in 2025. Each time the price reached a high and followed a decline. The top line of a parallel channel is considered a source of resistance, so these rejections could have been signs that the pattern was in operation.
Since the last rejection, SOL has fallen sharply as the cryptocurrency sector as a whole has seen a bearish shift. So far, the coin is still in the upper half of the channel, but if momentum weakens, it may eventually travel lower.
According to the analyst, these levels could serve as support in such a scenario: $50.22, $22.47 and $9.98. These levels correspond to a point 50%, 75% and 100% further down the channel respectively.
Solana last tested the lowest of these levels during the bear market of the previous cycle. At the time, it had helped the cryptocurrency hit rock bottom. It now remains to be seen which direction the asset will take next and whether there will be a retest of any of these levels.
SOL is not the only cryptocurrency to observe a parallel channel setup. As Martinez has emphasized in another X afterStellar (XLM) monthly price has also fallen in a similar pattern, with possible support levels at 0.147, 0.078 and 0.041.
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At the time of writing, SOL is hovering around $81, down 5.5% in the last 24 hours.