- Solana set a new all-time high, reaching $290 at the time of writing, as she continued to climb
- The CMF was at a high previously seen in March 2024, highlighting the remarkable capital inflows
Solana [SOL] dominated the large-cap crypto mindshare. In the last 24 hours alone, it’s up 18.8% on the charts, while the rest of the top 10 (excluding stablecoins) are up less than 5% at best. Some of the major altcoins had even suffered losses.
This phenomenon was unique, but not unprecedented. During the last bull run, there was a time when Dogecoin [DOGE] rose almost 1000% within a month and easily outperformed most other assets within that period. This time it’s the Solana-based, Trump-backed memecoin Official Trump [TRUMP].
Solana posts an all-time high and targets $370
Source: SOL/USDT on TradingView
The November rally was used to chart a series of Fibonacci retracement levels. This rally extended from $155.11 to $264.39. The 78.6% retracement level at $178.5 has been well defended by the bulls in recent weeks.
TRUMP’s recent memecoin mania boosted demand for SOL. Moreover, the visibility of the Solana chain could also have contributed to the outsized profits, with rumors of a US strategic reserve and ETFs.
The $331.9 and $373.6 extension levels would be the next price targets for Solana in the coming weeks. At the time of writing, the RSI was also in overbought territory. Furthermore, the CMF reached highs not seen since March 2024, underscoring the extraordinary bullish momentum behind the altcoin.
Finally, the quarterly liquidation heat map showed that the large liquidity pockets in the North have been wiped out. Finally, while the $290-$300 zone persisted, it was relatively clear above $300.
Read Solana’s [SOL] Price forecast 2025-26
The price action showed that strong gains are in store as a new all-time high has been set. With Bitcoin [BTC] still trading around $105k, it could be possible that Solana will have a long time to move higher, and could even break the $400 mark.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
