Solana’s price has been soaring recently, and the growth is really eye-catching, which has immediately attracted the attention of everyone in the cryptocurrency field.
According to Brave New Coin’s Solana Price Index, SOL is currently trading at $217, with a 5% increase in the past 24 hours. With this recent surge, Solana has become the third best performing coin among the top ten cryptocurrencies by market cap.
The rally began on November 5, ending a 234-day consolidation. Moreover, Trump’s recent victory in the election boosted market sentiment, pushing Solana’s price up another 14% to $224. This increase allowed Solana to successfully break through the $190-200 resistance level that had remained stable for nearly seven months.
Now, Solana’s price is only 15% away from its previous all-time high, which has led to speculation that by the end of this cycle, its price may rise to $1,000. Compared with the bull run in 2021, when Solana’s price soared 900% after 117 days of consolidation, analysts believe that history may repeat itself this time. If this upward trend can continue, SOL may even approach $1,900.
Solana breaks through key price levels, showing strong bullish momentum. Its recent surge in price suggests a strong uptrend, and breaking through the key supply range of $180-200 shows that bullish momentum is already evident.
According to Coingecko, SOL has been able to stay above $200, which makes the prospects for continued growth clearer, and the daily trading volume has jumped by 27%. The increase in trading volume means that buyers are dominating the market and may be able to push the price up with as few pullbacks as possible.
The volume of $15.35 million confirms the validity of the breakout, indicating that the price action is real and reliable, and reduces the risk of false moves. Coupled with the huge multi-year bull pennant pattern, it adds a strong basis for its continued rise. In addition, factors such as the changing political situation under Donald Trump and Canary Capital's application for Solana ETF have laid the foundation for a sharp rebound.
Solana’s native asset, SOL, surged from November 5 to November 113, reaching $225, the highest level since December 2021. This bullish momentum has traders discussing whether it can break through its all-time high of $260. At the same time, driven by institutional capital inflows and clearer U.S. regulatory expectations, Bitcoin rose to $90,000, which also made everyone more optimistic about Solana’s prospects.
Solana’s total locked value is also not to be underestimated, reaching $7.6 billion, surpassing other currencies in the altcoin market.
As smart contract activity continues to expand, investor optimism about Solana is also growing, as evidenced by the platform’s total locked value, which reached $7.59 billion as of November 12, the highest level since December 2021, according to DefiLlama. Applications like Jito, Raydium, and Drift, along with Binance’s liquidity staking, drove deposits up 36%, highlighting Solana’s growing utility and adoption.
However, there have been some criticisms, with some pointing out Solana’s reliance on memecoins such as Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT), which have market caps of over $1.5 billion each. The increase in DEX trading volume driven by decentralized token issuance platforms (particularly Pump.fun) has further raised concerns about Solana’s reliance on memecoins. Despite this risk, Solana’s rising total locked value and continued expansion of smart contract usage suggest it has strong long-term potential.
There are several key price levels worth watching for Solana in the future, such as $260 for the 0.27 extension and $330 for the 0.618 extension, both of which may become resistance points on its way up. If these levels can be broken, SOL may rise to $400, which is a very critical psychological price. If the price declines, it is expected that the previous resistance zone of $180-200 will become a solid support level, and a rebound may occur.
