Solana’s (SOL) recent price action has captivated the market as the cryptocurrency saw a 22% weekly surge, climbing from support levels around $163.99 to a high near $205 in just a few days. Currently hovering around $198.60, the token shows no signs of slowing down as it inches closer to its resistance at $209.90.
With an RSI reading of 70.35, the altcoin sits firmly in bullish territory, suggesting sustained upward momentum while presenting a cautionary warning of overbought conditions. However, the question remains: Will SOL break through the $209.90 resistance level, setting the stage for a run toward $250?
SOL’s Bullish Momentum Builds Toward $250
In addition to the optimistic price movement, the cryptocurrency’s trading volume has spiked to $5.71 billion over the past 24 hours, reflecting strong market interest. Moreover, the upward trend aligns with SOL’s historical bullish trendline and recent ChoCH (Change of Character) patterns, indicating a possible continuation of the rally. Technical indicators also highlight strong support at the 0.618 Fibonacci level of $163.99, which has bolstered recent price rebounds.
Should this momentum persist, the token could easily reach the $250 mark, which aligns with the Fibonacci 1.272 extension at $250.23. With SOL’s market cap now at $93.68 billion, all eyes are on whether this powerhouse asset can achieve the bullish target of $250 and edge closer to its all-time high of $260.06. However, whether the cryptocurrency can overcome the critical resistance levels required to reclaim its historic highs is yet to be seen, making the subsequent few trading sessions crucial for its trajectory.
