Solana (SOL) has shown bullish momentum in the last 24 hours, with its price fluctuating between $247.09 and $234.15. Currently, Solana is trading at $237, reflecting a 1.08% decline from a key resistance level. Despite this minor retracement, analysts predict that Solana could experience a breakout this week, potentially reaching a new all-time high. The cryptocurrency’s recent price performance is in line with strengthening on-chain metrics, showing positive trends for Solana. Open Interest for Solana hit a record high of $5.45 billion, indicating growing liquidity and the entry of new funds into the market.
Additionally, data from DefiLlama reveals that Solana’s weekly trading volume surged to $41.60 billion in mid-November, the highest since 2020. This surge in trading activity suggests increased market participation and confidence in Solana’s ecosystem. Furthermore, Solana generated $49.64 million in transaction fees last week, setting another record. This spike in network activity reinforces the platform’s bullish outlook, indicating active engagement from both traders and developers. Technical indicators for SOL price point toward the potential for continued upward momentum, with analysts identifying a bullish cup-and-handle formation on the monthly chart.
Analysts have highlighted key resistance levels at $260 and $278, with support strong at $220. A breakout above these levels could trigger a rally, potentially pushing Solana toward the $360-$400 range. Another bullish pattern noted by crypto researcher Aylo suggests that Solana has the potential to outperform Ethereum. The bullish pennant formation, a key indicator for Solana price, signals further gains. A breakout above the pennant’s upper boundary, aligning with the $260 resistance level, could ignite a fresh rally toward the $290-$300 range.
However, failure to hold support at $220 could invalidate this bullish outlook. With the RSI moving below its signal line and the MACD blue line making a bearish crossover, the bullish momentum may be dwindling. Analysts are closely monitoring Solana’s price as it approaches key resistance levels. More Crypto Online, a crypto analyst, noted that Solana is “following a 5-wave cycle” and could target $360 in the coming months. Historical price patterns indicate that SOL price could mirror its 2021 rally, which led to significant gains. While the current price is below the all-time high of $260, a breakout above this level could lead to rapid price discovery, with targets set at $276 and beyond.
