Solana hits new ATH of $264. Is $300 next?
2024-11-22

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. 

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 $257, 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. 

What is more, MACD is also showing a strong bullish reading via positive crossover and a spike of bullish histograms. 

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 and makes $300 a potentially easy target.

On the flip side, a retest of the $250 breakout is possible if the buying pressure recedes. 