The recent Solana price breakout has put it back on track for a potentially massive rally ahead. SOL price is trading at $219.05 after gaining 5.2% in the last 24 hours. Solana is the third best-performing asset among the top 10 largest crypto assets by market cap, and after this breakout, the layer one (L1) chain could explode by 900%.
900% Rally in Sight? Solana Price Eyes Completes Massive Breakout
SOL price broke out a 234-day consolidation on November 5, following th victory of Donald Trump. In the week following Nov. 5, Solana price increased by 14%, hitting a high of $224.
The surge in price facilitated a long-awaited breakout above the $190-$200 resistance zone that had suppressed price action for about seven months.
The SOL price is now just 15.7% shy of its previous all-time high and market observers are calling for a $1,000 price tag by the end of this cycle.
In the 2021 bull run, Solana price soared 900% after completing a 117-day consolidation. The types of breakout has occurred and if history repeats, Solana is likely to rally beyond $1,000 and potentially to $1,900.
The Path Ahead: Solana’s $400 Goal
Solana price forecast shows a strong upward trend that recently broke through a key supply zone (around $180–$200). This breakout indicates bullish momentum, suggesting that the asset may continue upward, especially if it sustains above the $200 level.
The recent strong bullish candle breaking above the supply zone with high volume indicates aggressive buying. This is confirmed by a 27% increase in daily trading volume from Coingecko data. It indicates that bulls are in control, potentially driving the price to higher levels without significant pullbacks.
The next key levels to watch for include the 0.27 Extension at $260 and the 0.618 Extension at $330. These may provide resistance as Solana price continues to rise higher. Beyond these targets, SOL price could quickly surge to reach $400, which is a psychological resistance level.
Conversely, if Solana experiences a pullback, the former resistance zone at $180–$200 will likely serve as strong support, offering a bouncing pad.
What Are The Chances of SOL Price Hitting $1,000?
The recent breakout was accompanied by high trading volume ($10.728M), which confirms the validity of the bullish trend. Strong volume during a breakout is typically a positive sign, suggesting that the move is not a false breakout.
Moreover, the giant multi-year bull pennant is a bullish indicator of a continuation of the uptrend. Trump becoming President of the United States and Canary Capital filing for a Solana ETF are all factors that will likely increase the chances of a massive rally to $1,000 and beyond.
Frequently Asked Questions (FAQs)
es, if the current bullish trend continues, Solana has the potential to hit $1,000. Factors like strong buying volume and a Solana ETF filing may support this rally.
Potential triggers include high trading volumes, positive regulatory developments, and continued bullish sentiment in the crypto market.
If there is a pullback, the $180–$200 zone, which was a previous resistance, could now act as strong support.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/solana-price-could-surge-900-after-this-breakout/
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