Solana (SOL) is preparing for a rally to reach a new all-time high after surpassing Binance Coin (BNB) in the fourth position last week. In the past two weeks, SOL has surged over 50% and is currently trading at around $242. This has increased Solana’s market cap to about $115 billion, joining the ranks of Ethereum (ETH) and Bitcoin (BTC) with a market cap above $100 billion.
From a technical standpoint, Solana’s price is aiming to reach the next liquidity range between $280 and $327. This range coincides with the 2.618 and 3.618 daily Fibonacci Extension. Additionally, the weekly Relative Strength Index (RSI) is on the verge of surpassing the 70 level for the first time since April this year.
However, before reaching a new all-time high, Solana’s price could retest the support level around $181. The current volatility in the crypto market, caused by the liquidation of leveraged traders, may lead to extreme fakeouts.
The recent bullish breakout of Solana’s price is supported by the increasing on-chain activities, driven by FOMO traders in the meme coin space. Solana’s weekly DEX trading volume has surpassed Ethereum and all its Layer 2s combined for the first time. In November alone, Solana’s DEX volume has reached over $63 billion, setting a new all-time high.
The Solana ecosystem has also benefited from the mainstream adoption of web3 projects and digital assets by institutional investors.
In terms of the current value of Solana, it is trading at approximately $242.39. According to Solana price predictions, it could reach up to $750 by the end of 2025 and potentially surge as high as $1,672 by 2030. SOL has a Strong Buy rating across Tech, MA, and Os categories, with an RSI of 75.54 indicating strong bullish momentum. Overall, SOL appears to be a solid buy at the moment.
