When Will SOL Reach New All-Time High? Credit: Hameem Sarwar
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Key Takeaways
The SOL price reached $174 today, the highest price since January 2022.
Solana has been the best performing Layer-1 blockchain since the start of the year.
Can SOL continue increasing in March and reach its all-time high of $267?
Today, there is palpable excitement among SOL supporters as the cryptocurrency achieves a notable milestone, surging to $174, the highest peak since January 2022.
As SOL continues its upward trajectory and edges closer to the formidable $200 resistance level, investors are closely monitoring its movements, eager to determine whether it can surpass its previous all-time high of $267.
SOL Hits 800-Day High
The SOL price has been one of the best performing currencies since the start of 2023. Since falling to a low of $9.81 in January, SOL has increased by 1,660%. Today, SOL reached a high of $174, the highest price since January 2022.
After a brief, 56-day correction at the start of 2024, SOL resumed its upward trend in March. The increased interest in SOL could be in part due to the meme coins in its ecosystem, particularly BONK and WIF, which have been leading the current memecoin cycle.
SOL/USD Weekly Chart: Credit – TradingView
Last week, SOL broke out above the critical $138 resistance area. The area had intermittently acted as both support and resistance for nearly three years and is the 0.5 Fib retracement resistance level. So, the breakout above it is a decisive sign that SOL is in an upward trend toward its all-time high.
While there are some signs of weakening momentum in the MACD and RSI, the divergences have not been confirmed yet, and both indicators are trending upward.
When Will the SOL Price Reach New All-Time High?
Staying with the weekly time frame, the wave count suggests the price is in an extended wave three from the upward movement beginning at the start of 2023. The sub-wave count is given in black. It indicates the SOL price is in the fifth and final sub-wave of the current increase.
Since there is horizontal and Fib resistance at $200, the area could act as the temporary top, leading to the start of the corrective wave four.
SOL/USDT Weekly Chart: Credit – TradingView
Judging by the length in time of wave two and the significant price increase of wave three, it could take some time for SOL to complete wave four. Afterward, the SOL price is adequately equipped to resume its upward trend and reach a new all-time high.
SOL Marches Toward All-Time High
SOL has been on a remarkable rise in March, reaching an 800-day high today and nearing the $200 resistance area. The area could cause a rejection due to the strong confluence of resistances. But, SOL is well positioned to eventually break through and reach a new all-time high in the next few months.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
