Solana’s (SOL) recent price action has captivated the market as the cryptocurrency saw a 22% weekly surge, rising 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 approaches its resistance at $209.90.
With an RSI of 70.35, the altcoin sits firmly in bullish territory, suggesting sustained bullish momentum while presenting a warning regarding overbought conditions. However, the question remains: will SOL break the resistance level at $209.90, paving the way for a run towards $250?
SOL Bullish Momentum Heads Towards $250
In addition to the optimistic price action, cryptocurrency trading volume reached $5.71 billion over the past 24 hours, reflecting strong market interest. Additionally, the uptrend aligns with SOL’s historical uptrend line and recent ChoCH (Change in 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 reinforced recent price rebounds.
If this momentum persists, the token could easily reach the $250 mark, which corresponds to the 1.272 Fibonacci extension to $250.23. With SOL’s market cap now at $93.68 billion, all eyes are on whether this powerful asset can reach the bullish target of $250 and move closer to its all-time high of $260.06 . However, it remains to be seen whether the cryptocurrency can overcome the critical resistance levels needed to regain its all-time highs, making the next few trading sessions crucial to its trajectory.
SOL’s bullish trajectory supported by on-chain metrics
Recent on-chain data, supported by detailed metrics, paints an even stronger picture of Solana’s bullish trajectory. According to the CoinGlass DataIO-weighted funding rates have always been positive, currently at 0.0105%. This positive funding rate signals strong demand for long positions in SOL, suggesting traders are willing to pay a premium to maintain their bullish bets, further building confidence in the token’s upside potential.
Additionally, the total liquidations chart indicates a trend toward short liquidations. On November 8, at the SOL price of $198.13, around $9.1 million of short positions were liquidated on major exchanges like Binance ($3.45 million), OKX ($3.45 million) and Bybit ($1.62 million).
In comparison, only $6.04 million of long positions were liquidated, with most exchanges seeing a net positive result for long interest. The predominance of short liquidations over long positions highlights an active short squeeze, in which short sellers have been forced to cover their positions, thereby adding buying pressure to the SOL price surge.
SOL Weekly Price Outlook: Bullish Targets and Support Levels
With Solana’s current momentum, a test of the $250 level by next week seems within reach. However, for this scenario to come true, several factors must align. First, the cryptocurrency must keep its bullish momentum intact and break through the crucial resistance at $209.90. Crossing this level would confirm a continued uptrend, possibly triggering a new wave of buying interest.
If the SOL token manages to rise above $209.90, the path to $250 opens, aligning with the 1.272 Fibonacci extension, a key target that could get traders excited. A clear break above $250 could even fuel additional buying, bringing SOL closer to its all-time high of $260.06, a psychological and technical milestone.
However, for this initiative to succeed, sustained purchasing pressure is essential; a spike in trading volume above $6 billion would provide the essential support for a move of this magnitude, thereby boosting confidence across the entire market. On the other hand, if SOL were to face resistance and fail to move above $209.90, a pullback could be on the horizon.
In this case, the 0.786 Fibonacci level at $182.79 appears as the first major support, a point that has reliably supported price action in the past. A breakout here could lead to a test of $163.99 (0.618 Fibonacci retracement), likely acting as a consolidation zone. But if the selling intensifies, the altcoin could fall further to $151.95 (0.5 Fibonacci retracement), changing the outlook from bullish to neutral.
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