As a seasoned crypto investor with a knack for spotting promising projects and a penchant for riding out bear markets, I can confidently say that the recent surge of Solana ($SOL) has me feeling a sense of deja vu. Remember when we all thought it was game over at $8? Well, here we are, just shy of that elusive all-time high again.
On Sunday, the price of Solana ($SOL) surged by almost 10%, and on Monday, it climbed an additional 4.5%. Currently, the price stands at around $248. With its previous all-time high being $260, could we see this mark reached again in the coming days?
From rock bottom to all-time high
When Solana’s price plummeted to $8, some may have considered it the demise for Ethereum‘s main layer 1 rival. However, the remarkable surge to its all-time high of $260 during the 2021 market bull run was quickly overshadowed as the bear market mercilessly eroded Solana’s price value.
As a crypto investor, I can attest that for those who held on to their faith and took the plunge at those levels, it was indeed an awe-inspiring decision. If you were among those who followed through on that call and stayed with the $SOL price as it climbed, your investment would have multiplied significantly, offering a substantial return on your initial investment.
Currently, the value of SOL is close to its exuberant peak last seen in early November 2021, which it hasn’t surpassed since then. If the Solana enthusiasts manage to drive the price beyond this point, the subsequent bull run for SOL prices promises to be a thrilling spectacle.
$250 first stop before all-time high
On an 8-hour timeframe, the Solana ($SOL) chart illustrates a breakout from its bullish pennant (bull flag), surpassing the 0.786 Fibonacci level, and subsequently climbing higher. After a turbulent phase ranging between $201 and $225, the price has consolidated, only to surge once more. At present, the price stands at $244, momentarily halting before reaching the 1.414 Fibonacci extension derived from the bull flag’s upward momentum.
If the price can surpass $250 and sustain itself above this significant threshold (all-time high), further targets could be reaching the 1.618 Fibonacci level at approximately $270.
$SOL targets into price discovery
Looking at a two-week timeline, we notice that Solana ($SOL) is currently showing bullish signs. The breakout from the bull flag is clear and convincing, as the new 2-week candlestick has opened significantly above the upper boundary of the bull flag.
Should $SOL exceed its record price and enter a phase of price exploration, Fibonacci extension levels derived from its entire price history suggest potential upward targets at approximately $329, $364, and $416.
Absolutely, should this current bull market follow the pattern of the first three, reaching targets far beyond our current projections becomes a realistic possibility.
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2024-11-18 15:10