After successfully dethroning Binance Coin (BNB) for the fourth spot last week, Sonala (SOL) is now preparing for a long-awaited price discovery rally. The large-cap altcoin has surged by more than 50% over the past two weeks, trading at around $242 on Monday, November 18, during early European trading hours.
As a result, Solana’s market cap has joined Ethereum (ETH) and Bitcoin (BTC) in the league of over $100 billion. At the time of writing, Solana’s market cap is around $115 billion, with an average daily trading volume of around $11 billion.
Solana Price Target: $280 Next Post
Solana price recently broke out of a multi-month consolidation that began in March of this year. After a stellar performance over the past three weeks, Solana price is still about 6.5% away from retesting the all-time highs set in November 2021 around $259.
From a technical perspective, Solana price is now targeting the next liquid range between $280 and $327, which coincides with the daily Fibonacci Extensions 2.618 and 3.618. Additionally, the weekly Relative Strength Index (RSI) rebounded above the 70 level for the first time since April this year.
However, Solana price could retest support around $181 before rallying to new future ATHs. Heightened cryptocurrency volatility, triggered by notable liquidations among leveraged traders, sets the stage for extreme pump and dump activity.
Robust fundamentals
The recent Solana bullish breakout is supported by increased on-chain activity driven by FOMO traders, especially in the memecoin space. For example, Solana’s weekly DEX volume surpassed Ethereum’s for the first time, with all of its Layer 2 volumes combined. So far in November, Solana’s DEX volume has surged to over $63 billion, setting a new ATH.
The Solana ecosystem benefits greatly from the continued mainstream adoption of web3 projects and digital assets by institutional investors.
