Solana targets new all-time high of $276 amid bullish breakout
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Solana (SOL) continues its impressive rally, trading near $242.80 on Tuesday after gaining more than 45% over the past two weeks. This upward momentum is supported by record-breaking on-chain metrics, including all-time highs in Open Interest, trading volume, and fees. Technical analysis confirms a bullish breakout, with projections indicating a potential new all-time high (ATH) of $276.55.
Key drivers behind Solana’s rally
Solana's recent surge aligns with the broader crypto market optimism sparked by President-elect Donald Trump’s pro-crypto policies. Investor confidence has strengthened as these policies promise a favorable regulatory landscape, contributing to increased demand for digital assets.
On-chain metrics paint a compelling picture of Solana's bullish outlook. Open Interest reached an all-time high of $5.64 billion on Monday, signaling fresh market participation and a surge in buying pressure. Simultaneously, trading volume on the Solana blockchain hit $41.60 billion last week, the highest since its inception in 2020. In another milestone, weekly fees generated on the network climbed to a record $49.64 million, underscoring the heightened activity on Solana’s platform.
Technical outlook: bullish breakout sets higher targets
From a technical perspective, Solana has broken out of a downward-sloping parallel channel near $210.18, a level that previously marked its yearly high in March. This breakout, confirmed by a strong weekly close, establishes a robust foundation for continued gains. As of now, SOL is approaching its prior ATH of $259.90, with the breakout pattern pointing to a technical target of $276.55.
Momentum indicators such as the Relative Strength Index (RSI) suggest the rally has further room to run. At 69, the RSI on the weekly chart reflects strong bullish momentum while staying below overbought levels, indicating a favorable environment for additional price increases.
Solana price forecast
If the current bullish momentum persists, Solana could achieve its projected ATH of $276.55 in the short term. Any pullbacks would likely find support around the breakout level of $210.18, with further stabilization possible near $195.00 if broader market conditions weaken.
With a strong confluence of on-chain data, technical confirmation, and macroeconomic sentiment, Solana appears poised to set new records. Investors should monitor the $276 target while remaining vigilant for potential market corrections, particularly as the RSI nears overbought territory.
Key drivers behind Solana’s rally
Solana's recent surge aligns with the broader crypto market optimism sparked by President-elect Donald Trump’s pro-crypto policies. Investor confidence has strengthened as these policies promise a favorable regulatory landscape, contributing to increased demand for digital assets.
On-chain metrics paint a compelling picture of Solana's bullish outlook. Open Interest reached an all-time high of $5.64 billion on Monday, signaling fresh market participation and a surge in buying pressure. Simultaneously, trading volume on the Solana blockchain hit $41.60 billion last week, the highest since its inception in 2020. In another milestone, weekly fees generated on the network climbed to a record $49.64 million, underscoring the heightened activity on Solana’s platform.
Technical outlook: bullish breakout sets higher targets
From a technical perspective, Solana has broken out of a downward-sloping parallel channel near $210.18, a level that previously marked its yearly high in March. This breakout, confirmed by a strong weekly close, establishes a robust foundation for continued gains. As of now, SOL is approaching its prior ATH of $259.90, with the breakout pattern pointing to a technical target of $276.55.
Momentum indicators such as the Relative Strength Index (RSI) suggest the rally has further room to run. At 69, the RSI on the weekly chart reflects strong bullish momentum while staying below overbought levels, indicating a favorable environment for additional price increases.
Solana price forecast
If the current bullish momentum persists, Solana could achieve its projected ATH of $276.55 in the short term. Any pullbacks would likely find support around the breakout level of $210.18, with further stabilization possible near $195.00 if broader market conditions weaken.
With a strong confluence of on-chain data, technical confirmation, and macroeconomic sentiment, Solana appears poised to set new records. Investors should monitor the $276 target while remaining vigilant for potential market corrections, particularly as the RSI nears overbought territory.