Solana (SOL) Hits New All-Time High: Is $300 on the Horizon?

Solana (SOL) Hits New All-Time High: Is $300 on The Horizon?

Key Takeaways:

SOL price rallied above $232 and traded to a new all-time high.

It cleared a major bearish trend line with resistance at $190 on the weekly chart.

Solana could continue to rise toward the $272 and $280 resistance levels.

Solana’s (SOL) price is up over 10%, signaling a bullish breakout. SOL traded to a new all-time high and might even surge toward $300.

Solana Price Regains Traction

In the past three weeks, Solana saw a steady increase from the $120 support zone. A strong base was formed before SOL pumped above the $132 and $160 resistance levels. Bitcoin’s surge and the recent pump in XRP lifted the market sentiment.

Earlier, the price cleared a major bearish trend line with resistance at $190 on the weekly chart. It opened the doors for a move above the 1.236 Fib extension level of the downward move from the $210 swing high to the $109 low.

Solana price weekly chart | Source: SOL/USD on TradingView.com

Solana rallied over 10% in the past few sessions and traded to a new all-time high above $260. It is now trading well above the $250 pivot level and the 50-week simple moving average (blue). The current price action suggests that the price is eyeing more upsides above the $265 and $270 resistance levels.

The first major resistance is near the $272 level. It is close to the 1.618 Fib extension level of the downward move from the $210 swing high to the $109 low.

If the bulls push the price above the $272 resistance, Solana price could continue to surge. The next key resistance for the bulls could be $288. A close above the $288 barrier could send the price toward the $300 handle. In the stated case, the price could even test $310.

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— Solana (@solana) November 20, 2024

Dips Supported In SOL?

Conversely, SOL price might struggle to rise above $272 or $280. In the stated scenario, the price might start a downside correction. Immediate support is near the $255 level.

The first major support is near the $232 level. The next major support is forming near the $210 level (the recent breakout zone). The main uptrend support for the current wave sits at $150 and the 50-week simple moving average (blue).

If the bulls fail to protect the $150 support, the price might turn red and extend losses accelerate lower. In the stated scenario, Solana could revisit the $120 level.

Overall, the SOL price is gaining bullish momentum above $160. In the near term, the bulls could send SOL toward the $272 level and then $300.

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