Can Solana (SOL) Price Reach a New All-Time High in the Next 12 Hours?

The post Can Solana (SOL) Price Reach a New All-Time High in the Next 12 Hours? appeared first on Coinpedia Fintech News

After successfully dethroning Binance Coin (BNB) in the fourth position last week, Sonala (SOL) is now preparing for the much-awaited rally to price discovery. The large-cap altcoin has surged over 50 percent in the last two weeks to trade at about $242 on Monday, November 18, during the early European market.

Consequently, Solana’s market cap has joined Ethereum (ETH) and Bitcoin (BTC) in the league of above $100 billion. As of this writing, Solana had a market cap of about $115 billion and a daily average traded volume of around $11 billion.

With Solana surging 50% and eyeing a new ATH, find out if it can reach $280 next—read the latest Solana price prediction now!

Solana Price Aims for $280 Next 

Solana price recently broke out of a multi-month consolidation that began in March this year. Following an impressive performance in the past three weeks, Solana price is about 6.5% away from retesting its all-time high, around $259, which was set in November 2021.

From a technical standpoint, Solana price is now aiming for the next liquidity range between $280 and $327, which coincides with the 2.618 and 3.618 daily Fibonacci Extension. Moreover, the weekly Relative Strength Index (RSI) is on the cusp of rallying above the 70 level for the first time since April this year.  

However, Solana price could retest the support level around $181, before rallying towards a new ATH ahead. The heightened crypto volatility, triggered by the notable liquidation of leveraged traders, has set the stage right for extreme fakeouts.

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Robust Fundamentals 

The recent Solana bullish breakout is bolstered by the rising on-chain activities, fueled by the FOMO traders, especially in the meme coin space. For instance, Solana’s weekly DEX trading volume surpassed Ethereum, and all its Layer 2s combined for the first time. So far in November, Solana’s DEX volume has surged to over $63 billion, thus setting a new ATH.

The Solana ecosystem has significantly benefited from the ongoing mainstream adoption of web3 projects and digital assets by institutional investors.

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