Can Solana (SOL) Reach $250 This Week?

Solana’s Bullish Momentum Builds Toward $250

The recent price rally of Solana has been accompanied by a significant increase in trading volume. Over the past 24 hours, SOL’s trading volume reached $5.71 billion, reflecting strong market interest. This surge aligns with the cryptocurrency’s historical bullish trendline and recent Change of Character (ChoCH) patterns, indicating a possible continuation of the rally. Additionally, Solana’s price movements show strong support at the 0.618 Fibonacci level around $163.99, which has helped bolster recent rebounds.

If this bullish momentum continues, the next major target for SOL is the $250 mark, which corresponds to the Fibonacci 1.272 extension at $250.23. With Solana’s current market cap at $93.68 billion, all eyes are now on whether the token can break through the $209.90 resistance level and make its way to this key price target. Reaching $250 would also bring SOL closer to its all-time high of $260.06, though whether it can overcome these critical resistance levels remains uncertain.

On-Chain Metrics Support Solana’s Bullish Trajectory

On-chain data further reinforces the bullish outlook for Solana. According to CoinGlass, the Open Interest (OI)-Weighted Funding Rates for SOL have remained positive, currently at 0.0105%. This suggests a robust demand for long positions, with traders willing to pay a premium to maintain their bullish bets. This confidence in SOL’s upward potential is reflected in the market’s overall sentiment.

Additionally, the Total Liquidations Chart shows a significant tilt towards short liquidations. On November 8, with SOL priced at $198.13, approximately $9.1 million in short positions were liquidated across major exchanges such as Binance ($3.45 million), OKX ($3.45 million), and Bybit ($1.62 million). In contrast, only $6.04 million in long positions were liquidated. This dominance of short liquidations highlights a short squeeze, which added upward pressure to SOL’s price surge.

Solana Price Outlook: Key Targets and Support Levels

Looking ahead, Solana’s path toward $250 appears increasingly likely, provided it can clear the critical resistance at $209.90. Breaking this level would confirm the continuation of the uptrend and could trigger a fresh wave of buying interest. Here are the key price levels to watch:

• Resistance at $209.90: A break above this level would solidify the bullish trend and pave the way for a move towards $250.
• Target at $250: The 1.272 Fibonacci extension places this target at $250.23, a key price point that could trigger further buying activity.
• All-Time High at $260.06: If the bullish momentum continues, Solana could reach its historic high, marking a significant milestone for the cryptocurrency.

However, for this bullish scenario to unfold, continued buying pressure and high trading volume will be crucial. A volume spike above $6 billion would provide the necessary support for such a move. On the other hand, if Solana fails to break through $209.90, a pullback could occur, testing key support levels.

Critical Support Levels in Case of a Pullback

In the event that Solana encounters resistance and fails to break past $209.90, there are several key support levels that traders should monitor:

• First Support at $182.79: This level, corresponding to the 0.786 Fibonacci retracement, has historically served as a reliable support point.
• Second Support at $163.99: If the price drops further, the 0.618 Fibonacci retracement at $163.99 could act as the next major support level.
• Final Support at $151.95: A deeper pullback could see SOL testing the 0.5 Fibonacci retracement at $151.95, which may signal a shift from bullish to neutral sentiment.

If selling pressure intensifies, SOL could slip further, and the overall market sentiment would shift from bullish to neutral. As such, the next few trading sessions will be crucial in determining whether Solana can maintain its bullish momentum or face a correction.

Conclusion: Solana’s Bullish Trajectory Remains Strong

Solana’s impressive 22% surge over the past week has placed it on a bullish trajectory, with the $250 target now within reach. Positive on-chain metrics, high trading volume, and a strong technical setup all point to the potential for further price gains. However, key resistance levels at $209.90 and subsequent targets at $250 remain crucial in determining whether SOL can continue its upward momentum. Traders should closely monitor these levels, as well as the volume and market sentiment, for clues on Solana’s next move.