With a new all-time high at $264, Solana (SOL) prepares a new sprint to the $300 mark.
Solana is on a bullish spree, creating a new all-time high at $264.68. Currently, Solana is trading at $256 with an intraday gain of 0.78%. After a strong recovery of 8.90% last night, the altcoin has surged massively in the past 24 hours.
With a new bullish trend, Solana’s market cap has reached $122 billion, and buyers anticipate the next price target will be $300. Will this bull run achieve the $300 milestone? Let’s find out.
Solana Price Analysis
In the daily chart, the recovery rally in Solana is creating a higher high formation. Starting with the bullish engulfing candle on November 5, the uptrend has increased the Solana market price by 65.35%.
The recovery run has exceeded the 1.272 Fibonacci level at $233.67. Furthermore, the overnight jump acts as a post-test reversal, heading towards the 1.618 Fibonacci level at $281.79.
Amid this strong uptrend, the simple moving averages (SMAs) reflect bullish momentum. The 100-day and 200-day SMAs have crossed positively, confirming a golden crossover.
Additionally, the daily RSI has entered the overbought territory, currently at 77.71. During the previous bull run, the RSI peaked at 87.99, coinciding with Solana’s price top. There appears to be room for upward movement at the current RSI value.
Non-Vote Transactions on Solana Hits 80.71M
As SOL’s price hits a new all-time high, the Solana network marks a new peak in successful non-vote transactions. Based on data from SolScan, the non-vote transaction count has reached 80.71 million.
This marks a significant milestone for the Solana network and reflects overall growth. As the network expands, the demand for SOL tokens is expected to rise, further boosting the likelihood of Solana reaching the $300 mark.
Solana Price Targets
Using the Fibonacci extension tool, the next price target on the weekly chart is identified at $305, at the 38.20% Fibonacci level. The uptrend has already exceeded the 23.60% Fibonacci level at $214.39.
Notably, Solana’s breakout rally formed three consecutive bullish candles in the past three weeks. Beyond $305, the Fibonacci tool points to price targets at $406 and $541. Conversely, the $214 level will likely provide support in case of a bearish turn.
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