Solana Price Analysis: After Surging To $211, Here’s The Next Targets

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As a seasoned crypto investor with over a decade of experience under my belt, I have seen bull markets come and go, and I must say, the current surge in Solana (SOL) price has caught my attention. Having witnessed the meteoric rise of SOL during its first bull cycle in 2021, I can’t help but feel a sense of deja vu as it approaches its previous all-time high.

Solana price broke above key resistance levels over the weekend following Bitcoin’s explosive surge. At $211, SOL price has reclaimed its previous yearly highs and could potentially soar to new highs over the coming days. SOL price has decreased 1.5% in the last 24 hours to trade at $205.33 as of 00:35 a.m. EST. 

Analyst Says ‘Blue Skies’ Ahead for Solana Price

The price of SOL might reach unprecedented levels, according to crypto analyst Corne Marchand’s assessment. As per Marchand, Solana needs to surmount a single significant hurdle before it can hit new record highs. This hurdle is the $248 threshold, which coincidentally marks Solana’s previous peak value.

SOL briefly entered the $100 billion market cap league after touching $211, but has since retraced and sits around $99 billion. Marchand also said that after the SOL price breaks $248, it could easily soar to $360. His SOL expectations for this bull run is $900 to $1000 per SOL. 

Can SOL Price Reach $1000 This Bull Run?

Over the past year, Solana (SOL) has seen significant growth, primarily fueled by the surge in popularity of meme coins. In comparison to many other cryptocurrencies that either remained static or declined during this period due to Bitcoin’s post-halving sell-off and overall bearish market trends, Solana experienced a remarkable increase of 269%.

It’s possible that the value of SOL could skyrocket to $1000 or even more, based on past trends. For example, since SOL reached its lowest point in December 2022, it has experienced a significant increase of 810% (approximately 9.1 times). During its initial bull market in 2021, the value of SOL increased by an astounding 15,000% (roughly 160 times).

Performing again could elevate Solana’s value beyond $900 or $1,000, potentially even reaching $2,000. However, keep in mind that these figures represent long-term goals and may only become reality as we approach the final stages of this current bull market cycle.

Next Solana Price Targets Before $1,000

The forecast for Solana suggests it may encounter several obstacles on its journey, but could potentially reach $900 or even $1000 in value. Over the past three days, the price of SOL has significantly increased, bursting out of a bullish pattern on November 5 and peaking at $211. However, it seems to have encountered resistance recently, showing signs of a potential reversal. Despite this temporary setback, the market remains optimistic with strong buying interest, as indicated by the Average Directional Index (ADX).

The reading of 18 indicates that volatility remains subdued, but the ADX is increasing, hinting at a rise in trading activity for Solana. When coupled with the escalating price trend, there’s a good chance Solana (SOL) might reach a new peak within the next few days.

As a crypto investor, I’m keeping a keen eye on some significant resistance levels that could impact my investment. These include the yearly high at $211, followed by $263 and $330. Interestingly, the last two align with the 27% and 61.8% Fibonacci extension levels, suggesting potential spots where the price might be rejected due to strong resistance.

Information from CoinGecko indicates a significant 136% increase in Solana’s trading volume within the past 24 hours, implying that this surge might indeed be a genuine breakout. It also suggests a strong possibility that the price of SOL could exceed the $211 resistance level.

Conversely, if Solana’s price doesn’t manage to surge past $211, this could indicate that the bears are growing stronger. In such a scenario, SOL might dip towards the upper part of the bull flag around $175, only to rebound later. If Solana enters back into the bull flag, it would contradict the current optimistic outlook.

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2024-11-11 08:38