The Solana (SOL) price has experienced a mixed performance over the past week, initially climbing towards $90 before retreating to just above $85. According to a widely followed analyst on X, the altcoin is currently trading in a critical zone that may set the stage for a substantial price move.
In an April 24 post, crypto analyst Ali Martinez highlighted that the Solana price appears ready for a significant breakout. The rationale lies in the contraction of the Bollinger Bands on SOL's three-day price chart. The Bollinger Bands, a technical analysis indicator that measures market volatility and identifies overbought or oversold conditions, are currently in a squeeze between $77 and $94. This contraction typically precedes a sharp price breakout, and Martinez describes this as a 'coiled spring' effect — the longer SOL stays within this range, the greater the momentum built toward an eventual breakout.
However, Martinez warns against entering the market at current levels. He labels the $77-$94 range a 'no-trade zone,' cautioning that 'chasing candles inside this consolidation often leads to being chopped up.' Instead, investors should wait for a clean three-day candle close outside the bands to trigger a volatility spike.
As of now, Solana trades at around $86.26, up just 0.2% over the past 24 hours, and down nearly 3% over the last seven days according to CoinGecko.
