After Bitcoin's explosive surge, Solana's price broke through key resistance levels over the weekend. The SOL price has risen back to $211, setting a new annual high, and may soar to new highs in the coming days. As of 00:35 Eastern Time, SOL price has dropped 1.5% in the past 24 hours, trading at $205.33.
Analysts say Solana price is about to enter a 'blue sky'
Cryptocurrency analyst Corne Marchand pointed out that SOL price may reach new highs. Marchand stated that before hitting historical highs, Solana only needs to overcome one major obstacle. This obstacle is the $248 mark, which is also Solana's previous all-time high.
SOL briefly entered the $100 billion market cap range after hitting $211, but has since fallen back to around $99 billion. Marchand also stated that after SOL price breaks through $248, it could easily soar to $360. His expectation for SOL in this bull market is $900 to $1,000 per share.
Can SOL price reach $1,000 in this bull market?
SOL has had a fruitful year, mainly due to the frenzy surrounding meme coins. During this period, Solana surged by 269%, while most other cryptocurrencies stagnated or fell due to Bitcoin's post-halving sell-off and other bearish market conditions.
The price of SOL has the potential to soar to $1,000 or even higher, as previous historical data shows that such price surges have occurred before. For example, since SOL price bottomed out in December 2022, the asset has risen by 810% (9.1 times). In the first bull market cycle of 2021, SOL rose by over 15,000% (160 times).
Repeating this performance could not only allow Solana to break through $900 or $1,000, but the asset could also soar above $2,000. That said, these are long-term targets that may be realized towards the end of the final phase of the bull market.
Solana's next price target is before $1,000
Solana price predictions show that the asset may encounter several resistances before soaring to $900 or $1,000. The 3-day price chart shows that SOL price dramatically broke through the bullish triangle flag on November 5, soaring to $211. However, the asset has since encountered obstacles, showing some signs of rejection. Nevertheless, as indicated by the Average Directional Index (ADX), market conditions remain bullish, and buying pressure is still high.
A reading of 18 indicates that volatility is still low, but the ADX is rising, suggesting that trading activity for Solana is increasing. Coupled with the price surge, SOL may break through historical highs in the coming days.
Some key resistance levels to note include the annual high of $211, $263, and $330. The latter two resistance levels align with the 27% and 61.8% Fibonacci extension levels, indicating that the price may face rejection.
Coingecko data shows that Solana's trading volume surged by 136% in the past 24 hours, indicating that the breakout is legitimate, and the SOL price is likely to break through the resistance level of $211.
On the other hand, if the Solana price fails to break through $211, it indicates that the bears are gaining strength. SOL will fall back to around $175 at the top of the bullish triangle flag and then rebound. A breakout from the triangle flag would invalidate the current bullish argument.
