Solana (SOL) Price Reaches New All-Time High — Where to Next?
SOL Reaches All-Time High - What's Next? | Credit: Hameem Sarwar
Key Takeaways
- Solana (SOL) reached a new all-time high on Nov. 22.
- The SOL price increased by more than 65% in November.
- What’s the next likely for the Solana upward movement?
Solana has been one of the best-performing large-cap cryptocurrencies in the current cycle, increasing by nearly 2,500% since its low. This has made SOL the third biggest crypto ranked by market capitalization (excluding USDT), trailing only Bitcoin and Ethereum while gaining rapidly on the latter.
The bullish price action led to a new all-time high SOL price today, on Nov. 22. Solana news is also positive as 21Shares and VanEck have filed for Solana ETFs with CBOE.
Since Solana is in price discovery, we will look at the wave count and Fibonacci levels to determine the next likely areas for a top.
SOL Reaches All-Time High
The weekly time frame SOL chart shows that the price has created three successive bullish weekly candlesticks since breaking out from a descending resistance trend line in November. So far, the price has increased over 65%.
On Nov. 22, SOL reached a new all-time high price of $264.63, briefly increasing above the 2021 high of $260. While the price reached a new high, it still needs to close above the $260 horizontal resistance area and confirm it as support to continue its ascent.
Nevertheless, technical indicators give an especially bullish SOL price prediction. This is visible in the Relative Strength Index (RSI), which broke out from its resistance trend line and increased above 70 (white icon).
In 2023, the SOL price increased by 210% in 133 days once the RSI exceeded 70 (white). A similar increase would take the SOL price above $1,000. Let’s look at the wave count and see how likely this is.
What Analysts are Saying
Analysts on X are extremely bullish on the future SOL prospects since the price is in discovery. Milk Road believes the price will hit $500-$1,000, though he did not elaborate on why this is the likely target. Similarly, Cold Blooded Shiller gave a target of $500 for the next local top.
Crypto Bullet gave a target of $400 – $600 using the wave count, suggesting that the current increase is the fifth and final cycle. Let’s look at the wave count and see how long SOL can continue increasing.
What’s the Next Target?
The weekly time frame wave count shows that SOL is in the fifth and final wave of its upward movement, which started in 2023. While wave four developed into a symmetrical triangle, the sub-wave count shows that the correction actually ended on Aug. 5.
If this is the case, the most likely area for the top for the upward movement is between $300-$420. The lower portion of the target would give wave five the same length as wave one, while the upper portion would give it 1.61 times its length.
The latter is more likely since it would also reach the 1.61 external Fibonacci retracement of the entire drop since the all-time high (black).
After the Solana price completes wave five, a lengthy correction will likely occur, retracing a portion of the upward movement since the start of 2023.
SOL Price to $300
Solana reached a new all-time high price today. The long-term wave count gives a target of $300-$420 for the top of the upward movement.
Afterward, a lengthy correction could begin.
Solana (SOL) Price Reaches Yearly High — All-Time High Within Reach
