Solana (SOL) Price Hits $200 – Yearly High Only 5% Away

Key Takeaways

• Solana (SOL) broke out from a 231-day resistance trend line.
• The SOL price trades inside the $205 horizontal resistance.
• Can Solana break free and reach a new all-time high price?

The Solana price has increased by 20% this week, breaking from a long-term diagonal resistance level. Solana is now only 5% below its yearly high.

Let’s examine the Solana price movement to determine when it will reach the yearly high and how long it will take to reach a new all-time high.

Solana Price Confirms Breakout

The weekly time frame Solana chart shows that the price finally broke out from a 231-day descending resistance trend line that has existed since the yearly high of $210 in March. Previously, the price made two unsuccessful breakout attempts (black icons).

While the price of SOL has yet to reach a weekly close above this resistance, the trend line is at $176, so a massive decline will be required to invalidate the breakout.

Solana is currently trading at the $205 horizontal resistance area, the final resistance before a new all-time high.

On top of the price breakout, technical indicators suggest an upward movement is likely.

The Relative Strength Index (RSI) is above 50 and increasing, while the Moving Average Convergence/Divergence (MACD) is above 0 and has made a bullish cross (white icon). Both support the continuing of the upward movement toward the new all-time high.

Bullish Sentiment

Sentiment for Solana is bullish not just because of the price action but also because of positive news. On Nov. 7, Solana announced  that Coinbase had launched Coinbase Bitcoin (cbBTC) on Solana.

cbBTC is backed 1:1 by Bitcoin and can be used as liquidity and lending collateral in numerous Solana Decentralized Finance (DeFi) apps.

Then, Solana introduced Kast , a virtual debit card that allows users to spend Solana-native stablecoins in over 100 million merchants.

Finally, Solana announced  Solana Crossroads 2025 in Istanbul on April 25-26.

The analyst’s sentiment on X is overwhelmingly positive. Pentosh1 outlined  the same horizontal resistance area at $205, stating that a breakout above it can pave the road toward a new all-time high.

TraderKoz says  that Solana has one of the best-looking charts he has seen in his entire life, while Inmortalcrypto gives a target  of $500 for the current cycle.

Let’s look at the wave count and attempt to find a suitable Solana price target.

What’s the Next Target?

The most likely long-term wave count states that Solana has started its upward movement’s fifth and final wave (white). The sub-wave count is in black.  If the count is accurate, SOL is in sub-wave three of the fifth wave.

The target range for the top of the increase is between $273 and $306. The 1.61 external Fibonacci retracement gives the lower limit of the range. The upper limit is found by giving wave five the same length as waves one and three combined.

Both represent new Solana’s all-time high prices.  After the high is reached, SOL may begin a lengthy correction.

Solana Yearly and All-Time High

The weekly time frame price action, indicator readings, and wave count all give bullish Solana price predictions.

Once the SOL price closes above $205, it can quickly ascend to $273-$306, the first area for a local top.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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