Solana (SOL) Price Hits $240 — Targets ATH Next

Solana (SOL) has been on a steady rally since April and is now closing in on its all-time high.

After a sluggish performance in July and August, last week’s breakout put momentum firmly back in the hands of the bulls.

With SOL trading just shy of record levels, the question now is whether it can finally push through and set a new high.

Why is Solana Going Up?

Solana’s rally began in April, when it formed a massive bullish engulfing candlestick (green icon) and reclaimed the key $120 support level.

The move was reinforced in June, as SOL created a higher low and printed another bullish engulfing candle, confirming the area as strong support.

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Despite the bullish structure, SOL spent the following months constrained inside an ascending wedge and unable to break through the $200 resistance zone.

This raised concerns that the move was corrective rather than the start of a larger breakout.

That narrative shifted last week.

Solana closed with another strong bullish candlestick, finally breaking through both the wedge and the $200 barrier.

With no major resistance ahead, SOL now has a clear path to its all-time high—just over 20% away.

Momentum indicators are decisively bullish. The Relative Strength Index (RSI) is increasing at nearly 70. The most rapid portions of upward movements usually occur when the RSI reaches 70.

Next, the Moving Average Convergence/Divergence (MACD) crossed into positive territory and shows strengthening momentum.

Neither has generated any bearish divergence, which aligns with the bullish price action.

Hence, the Solana prediction is bullish, suggesting the price will reach a new all-time high soon.

Solana’s Wave Count

The long-term wave count shows that SOL is in the fifth and final wave of its upward movement that started in December 2022.

After a prolonged wave four, the SOL price started wave five in April and confirmed it with last week’s breakout.

The main target range for the top of the upward movement is between $416 and $464.

The target is created by the 1.61 external Fibonacci retracement (black) and by giving wave five 1.61 times the length of wave one (green).

The short-term count shows a series of 1-2/1-2/1-2 wave structures, often preceding a parabolic rally to a new all-time high.

If that is the case, SOL is currently in the steepest part of its rally, the midpoint of all three overlapping wave threes.

In short, the wave count aligns with the bullish price action and indicator readings, predicting a new Solana all-time high soon.

Solana and AVAX

Avalanche (AVAX) is an altcoin with a short-term price structure similar to Solana.

While AVAX is not close to its all-time high, it is similar to SOL in that it broke out from a long-term diagonal and horizontal resistance after a long period of consolidation below it. 

Like Solana, the AVAX price is in sub-wave three of wave three, which is usually the most rapid portion of the rally.

If the prediction goes as planned, the AVAX price will reach a high of $48.10 before a significant retracement, hitting the 2.61 extension of wave one.

Final Thoughts

SOL trades only 20% below its all-time high after a massive increase last week.

The SOL price exceeded two key resistances, confirming its bullish trend. 

The wave count predicts a new all-time high soon. 

AVAX has a bullish formation similar to Solana and could undergo a similar rally.

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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