The post Solana Price Surges 22%; SOL Sets Sights on $250 Next Week appeared on BitcoinEthereumNews.com.

Solana’s (SOL) recent price action has captivated the market as the cryptocurrency saw a 22% weekly surge, climbing from support levels around $163.99 to a high near $205 in just a few days. Currently hovering around $198.60, the token shows no signs of slowing down as it inches closer to its resistance at $209.90. With an RSI reading of 70.35, the altcoin sits firmly in bullish territory, suggesting sustained upward momentum while presenting a cautionary warning of overbought conditions. However, the question remains: Will SOL break through the $209.90 resistance level, setting the stage for a run toward $250? SOL’s Bullish Momentum Builds Toward $250 In addition to the optimistic price movement, the cryptocurrency’s trading volume has spiked to $5.71 billion over the past 24 hours, reflecting strong market interest. Moreover, the upward trend aligns with SOL’s historical bullish trendline and recent ChoCH (Change of Character) patterns, indicating a possible continuation of the rally. Technical indicators also highlight strong support at the 0.618 Fibonacci level of $163.99, which has bolstered recent price rebounds. Should this momentum persist, the token could easily reach the $250 mark, which aligns with the Fibonacci 1.272 extension at $250.23. With SOL’s market cap now at $93.68 billion, all eyes are on whether this powerhouse asset can achieve the bullish target of $250 and edge closer to its all-time high of $260.06. However, whether the cryptocurrency can overcome the critical resistance levels required to reclaim its historic highs is yet to be seen, making the subsequent few trading sessions crucial for its trajectory. SOL’s Bullish Trajectory Backed by On-Chain Metrics The recent on-chain data, backed by detailed metrics, paints an even stronger picture of Solana’s bullish trajectory. According to the CoinGlass data, the OI-Weighted Funding Rates have consistently been positive, currently at 0.0105%. This positive funding…

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Filed under: News - @ November 9, 2024 12:23 am