Solana bulls seek record highs

After rising almost 45% in two weeks, Solana prices continue their gains on Tuesday.

On-chain data shows SOL's Open Interest, trading volume, and fees at record highs.

Weekly chart indicates bullish pattern breakout with technical goal at $276, new all-time high.

After surging almost 45% in the previous two weeks, Solana (SOL) trades in green at $242.80 on Tuesday. As SOL's Open Interest, trading volume, and fees hit record highs, on-chain data suggests additional growth.

A bullish breakout pattern on the technical charts suggests a climb to a new all-time high (ATH) of $276.

Why Solana is at an all-time high
Solana price has risen over 45% since early November as US President-elect Donald Trump's pro-crypto rhetoric spurred the cryptocurrency surge.

Deepening SOL's on-chain metrics shows a favorable outlook. Solana's Open Interest (OI) has consistently increased since mid-October and hit $5.64 billion on Monday, according to Coinglass. An growing OI indicates fresh money entering the market and purchasing, indicating a positive trend.

A recent increase in SOL chain trader interest and liquidity boosts the platform's prospects. SOL Chain's weekly trade volume jumped from $18.14 billion in the second week of November to $41.60 billion the following week, its biggest since 2020, according to DefiLlama.

Solana earned $49.64 million last week, a new record, according to DefiLlama, boosting the optimistic forecast.

Solana Price Prediction: $276, a record high.
Solana's weekly chart reveals that SOL broke above a downward-sloping parallel channel pattern at $210.18 and surged nearly 45% in two weeks, finishing above the March 18 annual high. Multiple weekly highs and lows from early March to October comprise this pattern. Bulls benefit from a pattern breakout and weekly closure above the breakout level. The price of SOL is up this week to $242.80, approaching its all-time high of $259.90.

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