Can Solana (SOL) Price Reach a New All-Time High in the Next 12 Hours?

After efficiently dethroning Binance Coin (BNB) on the fourth place final week, Sonala (SOL) is now gearing up for the long-awaited rally to cost discovery. The big-cap altcoin has risen greater than 50 p.c up to now two weeks, buying and selling at round $242 through the early European market on Monday, November 18.

Consequently, Solana’s market cap has joined Ethereum (ETH) and Bitcoin (BTC) within the above $100 billion class. On the time of writing, Solana had a market capitalization of roughly $115 billion and a day by day common buying and selling quantity of roughly $11 billion.

Now that Solana is up 50% and has a brand new ATH in its sights, discover out if it could attain the subsequent $280. Learn the newest Solana value prediction now!

Solana Worth goals for $280 subsequent

The Solana value not too long ago broke out of a multi-month consolidation that began in March this yr. After a formidable efficiency over the previous three weeks, Solana value is about 6.5% away from retesting the all-time excessive round $259 set in November 2021.

From a technical perspective, Solana value is now concentrating on the subsequent liquidity vary between $280 and $327, which coincides with the day by day Fibonacci extension of two,618 and three,618. Furthermore, the weekly Relative Energy Index (RSI) is poised to rise above the 70 stage for the primary time since April this yr.

Nonetheless, Solana value may retest the help stage round $181 earlier than rallying in direction of a brand new ATH forward. The elevated crypto volatility attributable to the notable liquidation of leveraged merchants has paved the way in which for excessive fakeouts.

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Strong fundamentals

Solana’s latest bullish breakout is being amplified by surging on-chain exercise fueled by merchants’ FOMO, particularly within the meme coin house. For instance, Solana’s weekly DEX buying and selling quantity surpassed Ethereum, and all of its Layer 2s have been mixed for the primary time. Up to now in November, Solana’s DEX quantity has elevated to over $63 billion, creating a brand new ATH.

The Solana ecosystem has benefited considerably from the continued adoption of web3 tasks and digital property by institutional traders.

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