Solana's price recovers after a strong sell-off, can SOL reach $300?

The price of Solana (SOL) has increased by about 8% from the low of $222 on November 26, indicating a recovery after the sell-off. However, some investors remain concerned that the price has dropped significantly from the peak of $263.80 on November 23, reflecting that the upward trend may be weakening. Nevertheless, on-chain data shows that Solana has significant growth potential, with the Total Value Locked (TVL) in the Solana ecosystem increasing by 48% in the 30 days leading up to November 27.

If SOL can break through the current resistance level around $250, forecasts suggest it could reach the target of $300 or higher in the near future. However, to maintain this upward momentum, the price needs to hold above key resistance levels without facing strong corrections from the market. Whether SOL can reach $300 will largely depend on investor sentiment and external factors such as the overall recovery of the cryptocurrency market, particularly the price volatility of Bitcoin.