After Bitcoin's explosive surge, Solana's price broke through key resistance levels over the weekend. The SOL price has rebounded to $211, setting a new annual high, and may soar to new highs in the coming days. As of 00:35 EST, the SOL price has dropped 1.5% in the past 24 hours, trading at $205.33.
Analysts say that Solana's price will welcome a 'blue sky'.
Cryptocurrency analyst Corne Marchand pointed out that the SOL price could reach a new high. Marchand stated that before setting an all-time high, Solana only needs to overcome one significant hurdle. This hurdle is the $248 mark, which is also Solana's previous all-time high.
After reaching $211, SOL briefly entered the $10 billion market cap range but has since fallen back to around $99 billion. Marchand also noted that after SOL's price breaks through $248, it could easily soar to $360. His expectations for SOL in this bull market are $900 to $1000 per share.
Can the price of SOL reach $1000 in this bull market?
SOL has had a fruitful year, mainly due to the frenzy of meme coins. During this period, Solana soared by 269%, while most other cryptocurrencies stagnated or fell due to the Bitcoin halving sell-off and other bearish market conditions.
The price of SOL has the potential to soar to $1000 or even higher, as previous historical data shows that such price surges have occurred before. For example, since SOL price bottomed in December 2022, the asset has risen by 810% (9.1 times). In the first bull market cycle of 2021, SOL rose by over 15,000% (160 times).
Repeating this performance would not only allow Solana to break through $900 or $1000, but the asset could also soar above $2000. That said, these are long-term targets that may be achieved towards the end of the final phase of the bull market.
Solana's next price target is before $1000
Solana price predictions indicate that the asset may encounter several resistances before soaring to $900 or $1000. The 3-day price chart shows that the SOL price significantly broke through the bull market triangle flag on November 5, soaring to $211. However, the asset encountered obstacles afterward, showing some signs of rejection. Nevertheless, as indicated by the Average Directional Index (ADX), market conditions remain bullish, and buying pressure remains high.
A reading of 18 indicates that volatility remains low, but the ADX is rising, suggesting that trading activity for Solana is increasing. Combined with the price surge, SOL may break through its all-time high in the coming days.
Some key resistance levels to note include the annual high of $211, $263, and $330. The latter two resistance levels align with the 27% and 61.8% Fibonacci extension levels, indicating that the price may face rejection.
Data from Coingecko shows that Solana's trading volume soared by 136% in the past 24 hours, indicating that the breakout is legitimate and that the SOL price is likely to break through the resistance level of $211.
On the other hand, if the price of Solana fails to break through $211, it indicates that the bears are strengthening. SOL will fall back to the top of the bull market triangle flag around $175, and then rebound. A breakout from the triangle flag would invalidate the current bullish thesis.
