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SOL Price Hits 800-Day High: Sights Set on $200 With ATH to Follow?

Last Updated March 14, 2024 2:06 PM
Valdrin Tahiri
Last Updated March 14, 2024 2:06 PM

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 Price Reaches 800-Day High
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.

Can SOL Reach New All-Time High?
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.

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