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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 rate signals a robust demand for long positions on SOL, suggesting that traders are willing to pay a premium to maintain their bullish bets, further reinforcing confidence in the token’s upward potential.
Additionally, the Total Liquidations Chart indicates a tilt towards short liquidations. On November 8, at a SOL price of $198.13, approximately $9.1 million in short positions were liquidated across major exchanges like Binance ($3.45 million), OKX ($3.45 million), and Bybit ($1.62 million).
In comparison, only $6.04 million in long positions were liquidated, with most exchanges seeing a net positive for long interest. The dominance of short liquidations over longs highlights an active short squeeze, where short sellers were forced to cover their positions, adding buying pressure to SOL’s 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 unfold, several factors need to align. First, the cryptocurrency must keep its bullish drive intact and break through the crucial resistance at $209.90. Clearing this level would confirm an ongoing uptrend, possibly igniting a fresh wave of buying interest.
If the SOL token manages to push past $209.90, the path to $250 opens up, aligning with the 1.272 Fibonacci extension—a key target that could drive excitement among traders. A clean break above $250 might even fuel additional buying, inching SOL closer to its all-time high of $260.06, a psychological and technical milestone.
Yet, for this push to succeed, sustained buying pressure is essential; a trading volume spike above $6 billion would provide the critical support for a move of this magnitude, boosting confidence across the market. On the other hand, should SOL face resistance and fail to break $209.90, a pullback could be on the horizon.
In this case, the 0.786 Fibonacci level at $182.79 emerges as the first major support, a point that has reliably supported price action in the past. A breach here could lead to a test of $163.99 (0.618 Fibonacci retracement), likely acting as a consolidation area. But if selling intensifies, the altcoin could slip further to $151.95 (0.5 Fibonacci retracement), shifting the outlook from bullish to neutral.