Solana Breaks ATH: Is $300 the Next Goal for SOL? Statistics suggest…

• SOL jumped to a brand new all-time excessive as bullish sentiment prolonged its keep.
• Solana registered a brand new all-time document in TVL and Open Curiosity.

Solana [SOL] is on monitor to finish November as the very best month of this 12 months. This week was particularly fascinating for the community because it reached new milestones in a number of areas.

The Solana group is celebrating a brand new all-time document (ATH) for its native cryptocurrency. Over the previous 12 hours, SOL has prolonged its bullish momentum to $264.39. This marked a brand new ATH for the cryptocurrency.

SOL was exchanging palms at $259.35, on the time of writing, and was in overbought territory. The newest spike represented a 69% rally from the bottom worth stage thus far this month.

Supply: TradingView

The cryptocurrency shaped a bearish divergence with the RSI. This will affect a rise in promoting strain. Nonetheless, there have been no indicators of a revival of the heavy promoting strain, largely as a result of the market has been typically bullish and most merchants don’t need to go towards the movement.

Demand for SOL additionally rose to new highs. The Open Curiosity (OI) peaked at $6.03 within the final 24 hours, the best stage in its total historical past. This confirmed that derivatives demand, along with spot demand, was additionally a serious contributor to SOL’s spectacular worth motion.

Supply: Coinglass

The OI steered that SOL could also be vulnerable to brief promoting, particularly at excessive worth ranges. Within the final 24 hours, SOL shorts have been larger at 50.63%, in comparison with longs at 49.37%. This might point out altering sentiment and anticipation of promoting strain.

Abstract of Solana’s networking actions

Solana additionally noticed new highs in a few of his key efficiency metrics. For instance, the TVL rose to $11.08 billion within the final 24 hours, which is the best TVL determine up to now.

Supply: DeFiLlama

Solana’s on-chain quantity rose to $14.81 billion previously 24 hours. This was the best stage of exercise the community has reached previously ten weeks.

Solana’s highest quantity on chain occurred on August 5, when the market crashed as a result of expiration of the Japanese carry commerce.

Life like or not, right here is the market cap of SOL by way of BTC

Can SOL preserve its bullish momentum?

Bullish market sentiment thus far this month has reached new highs, however SOL was already deeply overbought on the time of writing. SOL’s subsequent large goal is $300, which might occur quickly if the market maintains present momentum.

Nonetheless, pullbacks are anticipated sooner or later, which might result in important profit-taking.