Solana (SOL) Price Reaches Yearly High — All-Time High Within Reach
Solana Reaches Yearly High - All-Time High Next? | Credit: Hameem Sarwar
Key Takeaways
- Solana’s (SOL) price reached a new yearly high on Nov. 11.
- SOL has cleared the final resistance area before the all-time high.
- If the current increase continues, when will Solana reach a new high?
The Solana price has increased by nearly 45% since Nov. 4 without experiencing any notable pullbacks. So far, SOL has created seven consecutive bullish daily candlesticks. On Nov. 11, the price reached a new yearly high.
How long will Solana keep its momentum going and will this lead to a new all-time high price? Let’s find out.
Solana’s Yearly High
The weekly time frame shows that Solana broke out from a 231-day descending resistance trend line last week, creating a large bullish engulfing candlestick.
Besides the resistance trend line, the movement caused a breakout from the $200 horizontal resistance area, the final one before the all-time high. The rally continued this week, leading to a high of $224.57.
The all-time high Solana price of $260 is less than 20% away.
Technical indicators do not show any signs of weakness whatsoever.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) broke out from their descending resistance trend lines and are increasing. Both are above their bullish thresholds at 50 and 0, respectively.
The most interesting reading is that neither of the indicators is overbought yet, rather is way below their yearly highs in March.
While there is some possible negative Solana news regarding a token unlock of 524,030 SOL on Nov. 11, the release is insignificant relative to the total supply.
What’s Next?
The wave count shows that the SOL price is in the fifth and final wave of its upward movement that started at the beginning of 2023. Wave five started in August 2024 and was confirmed with the breakout from the long-term resistance trend line.
According to the count, the most likely area for a top is between $273 and $306. The 1.61 external Fibonacci retracement of wave four creates the lower limit of the target. The upper limit is created by giving wave five the same length as waves one and three combined.
The shorter-term count suggests that the SOL price is in the most rapid portion of its increase. Solana is in minor sub-wave three (yellow) of sub-wave three (black).
The short-term count suggests there is much more room to grow, so the price of Solana is likely to reach the target’s upper limit of $306.
Based on this count, the $273 area can act as a local top for the end of sub-wave three, while the entire move could end at $306.
Solana All-Time High
The Solana price reached a new yearly high on Nov. 11. The price broke out from a diagonal and horizontal resistance area and only has the all-time high region left.
As a result, Solana’s price action and wave count predict the increase will continue toward an all-time high, possibly culminating at $306.
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