The Solana ($SOL) price erupted on Sunday, putting on nearly 10% for the day. On Monday, the $SOL price is up another 4.5%. At a current price of $248, $SOL does not have far to go to match its all-time high of $260. Could this take place in the next few days?
From rock bottom to all-time high
When the $SOL price hit rock bottom at $8, many might have thought that this was the end for Ethereum’s most promising layer 1 competitor. The meteoric rise to the all-time high of $260 during the 2021 bull market soon became a distant memory as the bear market proceeded to tear the heart out of the $SOL price.
However, for those who still had belief, and who had the bravery to back it, an entry at those levels was a most astounding call. If those who did make that call continued to ride the $SOL price all the way up, their position would have made many multiples of their original outlay.
Now, $SOL is near to that euphoric all-time high not revisited since early November 2021. If the Solana bulls are able to push the price up and past this level, the rest of the bull market for the $SOL price will be incredibly exciting to see.
$250 first stop before all-time high
Source: TradingView
The 8-hour chart for $SOL shows how the price left its bull flag, burst through the 0.786 Fibonacci, and continued upwards. There was a period of choppiness between $201 up to $225, but after consolidating here, the price surged up again. Currently at $244, the price has stopped just short of the 1.414 Fibonacci taken from the bull flag move.
If the bulls are able to force the price above $250, and the price is able to take hold above this important level, the all-time high, and then on to the 1.618 Fibonacci at $270 are the next targets.
$SOL targets into price discovery
Source: TradingView
Zooming right out into the 2-week chart it can be observed just now bullish things are for $SOL. The surge out of the bull flag was definitive, given that a new 2-week candle has opened well above the top of the bull flag.
If, or when, $SOL surpasses its all-time high and moves into price discovery, the Fibonacci extension levels for the entire price history show upside targets of $329, $364, and $416.
Of course, if this bull market is able to emulate the first three bull markets, targets well beyond these are entirely possible.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
