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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 22, 2024 06:29 UTC
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Solana (SOL) Price Hits $264 ATH: Will $300 Be the Next Stop?
Solana has hit a new ATH at $264 and is targeting $300 amid bullish market momentum.
The breakout from the $249 neckline confirms a strong bullish trend, with Fibonacci analysis pointing to $602.92 as a long-term target.
A potential retest of $250 may occur if buying pressure slows.
As Bitcoin surpasses the $99,000 mark, with a new all-time high of $99,314, Solana shares the momentum to hit a new ATH. With a 10% surge in the last 24 hours, the bull run in SOL price powers tailwinds for other altcoins.
Will this fresh bullish trend drive the SOL price to $300 as it enters the uncharted price levels? Let’s find out in Coinpedia’s latest Solana price analysis.
Solana (SOL) Price Performance
In the weekly chart, the SOL price action showcases a descending triangle breakout rally, completing a cup and handle pattern. This pattern breakout with the neckline at the $249 mark has resulted in a new all-time high for Solana.
Currently, it is trading at $262, with a 24-hour high of $264. As the bullish trend continues, SOL price action is on the verge of completing the third consecutive bullish week.
As Solana is trading at uncharted levels, the underlying bullish momentum is teasing an uptrend continuation. Furthermore, with the broader market recovery at play and Bitcoin inching closer to the $100,000 mark, Solana is likely to hit the $300 mark.
Technical Indicators:
MACD: Supporting the bullish trend, this indicator gives a positive crossover with a spike of bullish histograms.
Will Solana Hit $300?
Based on the Fibonacci levels, the upside price target for Solana is at $602.92. This price coincides with the 1.272 Fibonacci level on the logarithmic chart.
On the flip side, a retest of the $250 breakout is possible if the buying pressure recedes.
Curious about Solana’s future? Read Coinpedia’s latest Solana (SOL) Price Prediction for future price targets.
FAQs
Solana is trading at $262, up 10% in the past 24 hours, after breaking out of a descending triangle and completing a cup-and-handle pattern.
Short-term targets include $300, with a long-term Fibonacci-based target at $602.92 if bullish momentum sustains.
The MACD indicator shows a positive crossover, supported by a surge in bullish histograms, signaling continued upward momentum.
Yes 
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