Solana Breaks Price Resistance, Potential to Reach $1,000
Solana (SOL) Price Movement
As of November 12, 2020, Solana trades at $220, marking a 4% increase in one day. It ranks 4th among top ten cryptocurrencies by market capitalization. Analysts predict a potential value increase of up to 900% for the layer one blockchain.
On November 5, SOL broke out of a 234-day consolidation phase coinciding with Donald Trump’s electoral success. Following this, Solana's price rose 14%, reaching $224 and overcoming the $190-$200 resistance range that persisted for nearly seven months.
Solana Set for Major Rally, Eyes $1,000 Milestone
SOL is approximately 15.60% below its highest recorded price from November 7, 2021. Analysts expect a rise to $1,000 by the cycle's end. In the 2021 bull market, Solana surged by 900% after a 117-day consolidation. If similar trends occur, it could exceed $1,000 and approach $1,900.
Source: TradingView
Recent forecasts indicate strong bullish momentum for Solana, especially if SOL remains above $200. A significant bullish candle and increased trading volumes suggest active buying interest.
Key resistance levels include the 0.27 extension at $260 and the 0.618 extension at $330. Surpassing these could allow SOL to reach $400, a notable psychological barrier. Should a decline occur, the $180–$200 zone is expected to provide strong support for a rebound.
The recent breakout involved substantial trading volume, reinforcing the bullish trend. The formation of a large multi-year bull pennant indicates the upward trend may continue. Factors such as Trump’s presidency and Canary Capital's application for a Solana ETF contribute to the rally potential towards $1,000 and beyond.
Solana Reaches Highest Level Since 2021
From November 5 to November 11, SOL rose by 35%, hitting $222—the highest since December 2021. This movement has led traders to speculate about reaching the all-time high of $260, especially as Bitcoin surpassed $88,500 due to steady institutional inflows and anticipated regulatory clarity in the U.S.
SOL has outperformed the broader altcoin market, which saw a 33% increase in the same period. Investor optimism is bolstered by increased smart contract activity on Solana, with total value locked (TVL) rising to $7.82 billion by November 12, the highest since December 2021, according to DefiLlama.
Criticism exists regarding Solana’s reliance on meme coins like Dogwifhat, Bonk, and Popcat, each exceeding a $1.5 billion market cap. Decentralized token launch platforms such as Pump.fun have driven increases in Solana’s decentralized exchange (DEX) volumes.