SOL Price Hits New Yearly High—Next Stop: $306?
More from the Author Cal Evans
Solana (SOL) recently reached a new yearly high, breaking key resistance levels and setting its sights on surpassing its all-time high of $260.
Technical indicators suggest that SOL’s bullish momentum could drive it toward a new high, with potential targets between $273 and $306.
The cryptocurrency market has witnessed some incredible price surges this year, but none have been quite as remarkable as Solana’s (SOL) recent performance. On November 11, Solana reached a new yearly high, and the question on every investor’s mind is: Could SOL be on its way to a new all-time high?
A Year of Strong Growth
Solana has been on an impressive upward trajectory since early November, increasing by nearly 45% without significant pullbacks. This steady rise culminated in the coin reaching a new yearly high of $224.57 on November 11. The most exciting part? The $260 mark, its all-time high, is now less than 20% away, fueling speculation about the potential for even greater gains.
Breaking Resistance Levels
Technically, Solana’s breakout is nothing short of impressive. In the weekly timeframe, SOL has broken out of a 231-day descending resistance trend line, accompanied by a breakout from the crucial $200 horizontal resistance area. These milestones indicate a strong bullish signal for the cryptocurrency. What’s more, the technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD), have both broken past their resistance trend lines and remain firmly in bullish territory.
What’s particularly promising is that neither of these indicators are showing signs of being overbought, suggesting that Solana still has ample room for further growth. Despite some concerns regarding a minor token unlock of 524,030 SOL on November 11, the release is seen as insignificant in relation to the total supply, and is unlikely to impede the bullish trend.
What’s Next for Solana?
Looking ahead, technical analysis suggests that Solana is in the final phase of its bullish wave. This wave started in early 2023 and has gained momentum since August 2024, following the breakout from long-term resistance. According to the wave count, the most likely price target for Solana is between $273 and $306. If the upward momentum continues, the $306 price point is within reach, marking a potential new all-time high.
In Conclusion: The Path to a New High
With Solana breaking resistance levels and showing no signs of weakness, it’s possible that SOL could reach its new all-time high by the end of the year. The current rally indicates that SOL could continue its rapid climb, with the $306 target in sight. For Solana investors, the future looks incredibly promising, and with technical indicators still favoring the bulls, SOL’s price surge may just be getting started.
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