๐๐จ๐ฅ๐๐ง๐โ๐ฌ ๐๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐๐ก๐๐ฌ๐: ๐๐๐ง ๐๐ญ ๐๐ฎ๐ญ๐ฉ๐๐๐ ๐๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฅ๐ญ๐๐จ๐ข๐ง ๐๐๐๐?
Solana ($SOL ) is catching the spotlight after an impressive three-week rally that culminated in a record high of $264.39 on November 22. However, the cryptocurrency has entered a consolidation phase, with its price retreating by 15% to $225.54 as of Monday morning. Despite this dip, SOL remains resilient above the critical $215 mark, signaling strength amidst market fluctuations. Futures traders, buoyed by positive Santiment funding rates, are maintaining an optimistic outlook, suggesting potential for a robust recovery in the coming weeks.
On-chain metrics hint at a promising rebound, with analysts projecting SOL could challenge its all-time high and enter uncharted price territory. To break free from its current range, SOL needs to close above the $256 resistance level set on November 25. This would position the cryptocurrency for a push toward the psychological milestone of $300. A decisive daily close above $300 could unlock further gains, targeting $331.93, the 161.8% Fibonacci extension of its rally from $155.11 to $264.39 earlier this cycle.
While trading volumes have dipped below average, potentially limiting retail participation, open interest in Solana futures remains robust, peaking at $4.198 billion on November 7 and staying elevated despite price consolidation. This suggests strong institutional interest and confidence in Solanaโs long-term potential. With a market capitalization gap of $30 billion to close before overtaking XRP as the second-largest altcoin, SOLโs next moves will be crucial. A breakout above $300 could solidify its position as a top contender in the altcoin market.
