Key Takeaways
- Solana (SOL) charts its third consecutive bullish weekly candlestick.
- Currently trading 6% below its all-time high of $259.90.
- Market indicators and on-chain data suggest strong upward momentum.
SOL’s Path to New Heights
Solana (SOL) emerged as an early leader in the current market cycle, peaking at $210.18 in March. After a five-month correction, SOL regained traction in August, surging 120% since. The breakout above key resistance levels signals potential for a new all-time high.
Weekly Chart Insights
- Breakout confirmed: SOL cleared the $200 resistance and a descending trend line in November.
- Current price: $248.44** (as of Nov. 18), just shy of its **$259.90 record.
Technical indicators:
- RSI rising above 50, supporting bullish momentum.
- MACD shows sustained upward movement (no overbought signals).
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On-Chain and Market Data
- Solana’s market cap hit a record $116 billion.
- SOL/ETH ratio at an all-time high, outpacing Ethereum’s daily inflows by 7x.
- SOL dominance continues to grow, reflecting investor confidence.
Price Targets: What’s Next?
Wave Count Predictions
- Base Target ($307): Wave 5 could match the combined length of Waves 1 and 3.
- Extended Target ($415–$427): Possible if Wave 5 extends to 1.61x Wave 1’s length.
Short-Term Outlook
- Minor sub-wave 3 (current phase) often drives sharp rallies.
- Local pullback likely before resuming toward $265+.
FAQs
1. When will SOL hit its all-time high?
Given the 6% gap, SOL could reach $259.90 within days if bullish momentum holds.
2. What’s Solana’s next target after the ATH?
The $307** zone is the primary focus, with potential to extend toward **$415–$427.
3. Why is SOL outperforming ETH?
Solana’s scalability and lower fees attract higher transaction volumes, boosting SOL/ETH ratios.
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Disclaimer: This content is for informational purposes only. Always conduct independent research before investing.