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Despite being somewhat overshadowed by Bitcoin (BTC) and meme coins on its own blockchain during the 2024 cryptocurrency bull market, Solana (SOL) has been one of the strongest performers among the major digital assets.
Specifically, the native token has risen 291.61% in the last 12 months and 140.71% year-to-date (YTD). Though SOL, with its press time price of $243.92, is still shy of its 2021 all-time high (ATH) at about $260, Solana reached a record-breaking market capitalization above $117 billion on Monday, November 18.
Beyond the price charts, the token also reached other important milestones. For example, on November 13, its Real Economic Value – a fundamental analysis metric that provides insights into a blockchain’s use and demand – overtook that of the world’s second-biggest cryptocurrency, Ethereum (ETH).
Will Solana continue the November rally to new all-time highs?
Recent performance has led to multiple increasingly bullish price targets for SOL ranging from $400 to above $1,000.
Still, though technical analysis(TA) points toward continued bullish momentum, it also gives cause for investors to temper their expectations.
For example, Solana’s relative strength index (RSI) recently crossed above 70, propelling the token into overbought territory and hinting that a correction might be imminent. However, the current momentum also indicates traders will not suffer from suspense for a long time.
At its press time price of $243,92, SOL is close to its two nearest resistance levels – $248.01 and $258.58 – meaning the token is likely to either confirm or reject a continued rally fairly quickly.
On the other hand, the generally bullish sentiment and momentum driving Solana ensure that, even in case of a rejection, the cryptocurrency is likely to reenter a rally and retest the crucial levels as long as it does not fall below its nearest support zone just under $220.
Finally, though there is some uncertainty about SOL’s next move, as technical analysis demonstrates that the field is set for both a persistent rally and a correction, the longer-term outlook remains highly bullish.
What will happen to SOL price in 2025?
For example, MetaShackle, a prolific cryptocurrency analyst on TradingView, explained on November 11 that Solana is poised for a major breakout from ‘an absolutely massive cup & handle’ it had been building for approximately four years. It is worth pointing out that the subsequent rally all but confirmed the breakout from the pattern.
Indeed, Solana’s future may be made or broken in the long term as its ongoing rally – much like the rallies of many other stocks and cryptocurrencies – can be linked to Donald Trump’s victory in the 2024 presidential election.
SOL has, in particular, been affected by the November 15 comments made by the head of digital asset research at VanEck, Matt Sigel, who believes that the incoming administration will be far friendlier toward digital assets.
Further bolstering the bull case, Sigel also opined that there ‘are overwhelmingly high’ odds of approval for a spot Solana exchange-traded fund (ETF) before the end of 2025.
Such a development would firmly place SOL in the same league as BTC and ETH, bolstering its visibility and legitimacy and providing easier exposure to investors generally wary of cryptocurrency markets.
As always, the positive outlook of late 2025 might not translate into a sustained rally in 2025 as it is largely based on hopes for President-Elect Donald Trump’s policies and campaign promises – ever-shaky ground in politics.
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