Solana (SOL) Consolidates After All-Time High, Setting Up for Next Spike

The SOL price reached a new all-time high of  $264.39 on Nov. 22. While it fell afterward, it regained its footing on Dec. 3 and has increased since. Today, the price is breaking out from a descending parallel channel that contained the decline since the all-time high.

If the price confirms the breakout, no more resistance will be left until the all-time high. Let’s analyze the price action and see how likely this is.

Solana All-Time High

The weekly time frame chart shows that SOL broke out from its long-term symmetrical triangle at the start of November and reached a new all-time high price of $264.39.

While the SOL price fell next week, we are in the process of creating a bullish candlestick for this one.

The wave count gives a bullish Solana prediction. According to the wave count, SOL is in the fifth and final wave of its upward movement, which started in 2023.

The first target for the top of the increase is between $418 and $421. The target is found by the 1.61 external Fibonacci retracement of the entire correction since the all-time high (black) and that of wave four (white).

Technical indicators are also bullish. The Relative Strength Index (RSI) is increasing and has broken out from its resistance trend line. The Moving Average Convergence/Divergence (MACD) has made a bullish cross (black circle) and is moving upward.

So, the weekly chart suggests the SOL price will continue increasing at least until the $418-$421 area and possibly move higher if wave five extends.

SOL Correction Over

Similarly to the weekly chart, the daily one gives a bullish outlook for the future trend. According to the count, SOL is in an extended wave three (black) of the aforementioned long-term wave five. The sub-wave count is in yellow.

If the count is accurate, the short-term correction has ended, and SOL has started the final portion of wave three, which could end near $280. This will give wave three 2.61 times the length of wave one.

The hidden bullish divergence in the daily RSI (green) aligns with this positive SOL prediction.

The shorter-term six-hour outlook is also bullish. It shows that Solana’s price is in the process of breaking out from a descending parallel channel that has existed since the all-time high.

The channel likely contained sub-wave four. This further confirms that the correction is over, and the final portion of the increase has started.

SOL is attempting to break out from the minor resistance at $245. While a rejection from the area will put the count at risk, this currently seems unlikely.

New SOL All-Time High

The SOL price has fallen slightly since reaching a new all-time high on Nov. 22. Today, it broke out from the short-term pattern, signaling that another upward movement has started, likely leading to new highs.

The first target for the top range is between $418-$421.

About the Author

Valdrin Tahiri

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.

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