900% Rally in Sight? Solana Price Eyes Completes Massive Breakout
- Patricia ArquetteOriginal
- 2024-11-12 21:56:151060browse
SOL price broke out a 234-day consolidation on November 5, following th victory of Donald Trump. In the week following Nov. 5, Solana price increased by 14%
Solana price broke out a 234-day consolidation on November 5.
The breakout could propel SOL price by 900%, putting $1,900 on the cards.
Solana price is positioned to reach $400 next, as bulls remain aggressive.
Solana (SOL) price is rallying once again after completing a massive breakout from a 234-day consolidation. The breakout occurred on Nov. 5, following the victory of Donald Trump.
Solana price broke out a crucial resistance zone on Monday, sparking fresh optimism among traders. The breakout began a new chapter in SOL’s price action, with the asset surging by 14% in the week following Nov. 5.
From a technical perspective, the breakout occurred at the $190-$200 resistance zone, which had acted as a strong barrier to price action for nearly seven months. However, the breakout surged through this resistance zone, hitting a high of $224.
The breakout is significant as it brings Solana price closer to its previous all-time high. Currently, SOL price is trading at $219.05, which is 15.7% shy of its previous ATH.
After completing a 117-day consolidation in the 2021 bull run, Solana price went on a 900% rally. A similar breakout has occurred this time around, and if history repeats, Solana is set to rally past the $1,000 price mark and potentially reach $1,900.
Solana Price Analysis
Solana price analysis reveals a strong bullish trend that recently broke through a crucial supply zone (around $180–$200). This breakout suggests bullish momentum, indicating that the asset may continue upward, especially if it sustains above the $200 level.
The recent strong bullish candle breaking above the supply zone with high volume suggests aggressive buying. This is confirmed by a 27% increase in daily trading volume from Coingecko data. It indicates that bulls are in control, potentially driving the price to higher levels without significant pullbacks.
The next key levels to watch for include the 0.27 Extension at $260 and the 0.618 Extension at $330. These may provide resistance as Solana price continues to rise higher. Beyond these targets, SOL price could quickly surge to reach $400, which is a psychological resistance level.
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