The recent breakout in Solana's price has put it back on track for a potential significant increase. The SOL price has risen 5.2% in the past 24 hours and is currently trading at $219.05. By market capitalization, Solana is the third-best performing asset among the top ten cryptocurrencies, and after this breakout, the first layer (L1) chain could surge 900%.
A 900% increase in sight? Solana's price is expected to achieve a major breakout.
On November 5, after Trump's victory, the SOL price broke out of a 234-day consolidation. In the week following November 5, Solana's price rose 14%, reaching a high of $224.
The surge in price has contributed to the long-awaited breakout of the resistance zone between $190 and $200, which has constrained price movement for about seven months.
The SOL price is currently only 15.7% lower than its previous all-time high, and market observers expect the price to reach $1,000 by the end of this cycle.
During the 2021 bull market, Solana's price soared 900% after completing a 117-day consolidation. Such breakouts have happened before, and if history repeats itself, Solana is likely to rebound above $1,000, possibly even reaching $1,900.
The Road Ahead: Solana's $400 Target
Solana's price prediction shows a strong upward trend, recently breaking through the key supply zone (around $180-200). This breakout indicates bullish momentum, suggesting that the asset may continue to rise, especially if it holds above $200.
Recent strong bullish candles have broken through the supply zone with high trading volume, indicating strong buying pressure. Coingecko data shows a 27% increase in daily trading volume, confirming this. This suggests that the bulls are in control and could push the price higher without significant pullbacks.
The next key levels to watch include the 0.27 extension line at $260 and the 0.618 extension line at $330. As Solana's price continues to rise, these may provide resistance. Above these targets, the SOL price could quickly soar to $400, which is a psychological resistance level.
Conversely, if Solana sees a pullback, the previous resistance zone of $180-200 may become strong support, providing a rebound cushion.
What are the chances of the SOL price reaching $1,000?
The recent breakout was accompanied by high trading volume ($10.728 million), confirming the validity of the bullish trend. Strong trading volume during a breakout is typically a positive signal, indicating that the move is not a false breakout.
Additionally, the massive multi-year bull flag is a bullish indicator for the continuation of the upward trend. Trump's election as U.S. President and Canary Capital's application for a Solana ETF are factors that could increase the likelihood of a significant rise to $1,000 or even higher.
