After the last outbreak above the crucial resistance around $ 220, the Solana price seems ready to keep up with the bullish trend. Currently consolidates token within a tight reach, which indicates a potential outbreak when volatility compresses. The crypto is a symmetrical pattern in the vicinity of key resistance, with rising activities on the chain and strong network fundamentals that support Bullish Momentum. If SOL breaks above $ 245 – $ 250 with volume affixation, this can activate a parabolic rally.
Will Sol Price Mark a new ATH a new ATH this month?
The market capitalization of Solana has just hit a new ATH of more than $ 130 billion and surpassed the previous highlights of around $ 127 billion. With this, $ 61 million in short positions were liquidated in the last 24 hours, which helped to rise above the crucial barrier to $ 235. On the other hand, some reports suggest that Galaxy Digital has bought $ 510 million in Sol this week, which hints for big money that comes in the ecosystem.
On the other hand, FTX and Alameda have just made $ 45 million in Sol. Since November 2023 they have exchanged 9.98 m Sol worth around $ 1.2 billion by following the same monthly liquidation schedule. This can express some worries, but the graph pattern suggests that the token is ready for a big outbreak.
As can be seen in the above weekly graph, the SOL price seems to be extremely bullish, because the price has broken the final barrier for the highlights. This marks a successful recovery of the loss since the start of the year. On the other hand, it also marks the start of a new rise after returning from the lows within a cup and handle pattern. The SOL price has broken the corrective phase and has led to a strong revival. The RSI is in incremental and higher to reach the upper threshold.
It is therefore assumed that the Solana price will reach $ 245 in the coming days, after which a new ATH above $ 300 can be expected. The trajectory of the token seems optimistic because the weekly Supertrend has become Net Bullish after he has become BEISHISH since the beginning of the year. In the broader perspective, however, reaching $ 1000 is completely dependent on market conditions and the institutional interest.