Solana (SOL)’s recent price action has taken over the market as the cryptocurrency has surged 22% in a week, rising from support around $163.99 to highs around $205 in just a few days. The token is currently hovering around $198.60 but is showing no signs of slowing down as it approaches resistance at $209.90.
With an RSI reading of 70.35, the altcoin is firmly in bullish territory, suggesting sustained upward momentum while warning of overbought conditions. However, the question remains: Can SOL break through the $209.90 resistance level, setting the stage for a rally towards $250?
SOL Bullish Momentum Approaches $250
In addition to the bullish price movement, cryptocurrency trading volume rose to $5.71 billion in the last 24 hours, reflecting strong market interest. Moreover, the uptrend coincides with the historical bullish SOL trendline and recent ChoCH (Change of Character) patterns, indicating a possible continuation of the rally. Technical indicators also point to strong support at the 0.618 Fibonacci level ($163.99), which has contributed to the recent price recovery.
If this momentum continues, the token could easily reach $250, which would match the 1.272 Fibonacci extension at $250.23. With SOL’s market cap now sitting 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 break through the critical resistance levels needed to reclaim its all-time highs, making the next few trading sessions critical to its trajectory.
Bullish SOL trajectory supported by on-chain indicators
Recent on-chain data, backed by detailed metrics, paints an even more compelling picture of Solana’s bullish trajectory. According to CoinGlass data, the OI-weighted funding rate has been consistently positive and currently stands at 0.0105%. This positive funding rate signals robust demand for long positions in SOL, suggesting that traders are willing to pay a premium to maintain their bullish bets, further bolstering confidence in the token’s upward potential.
In addition, the chart of total liquidations indicates a propensity for short liquidations. On November 8, at a SOL price of $198.13, approximately $9.1 million of short positions were liquidated on major exchanges such as Binance ($3.45 million), OKX ($3.45 million), and Bybit ($1.62 million).
In comparison, only $6.04 million worth of long positions were liquidated, with most exchanges seeing a net positive for long interest positions. The predominance of short selling over long selling indicates an active short squeeze, where short sellers were forced to cover their positions, increasing buying pressure towards higher SOL prices.
SOL Weekly Price Forecast: Bullish Targets and Support Levels
Given Solana’s current momentum, a test of the $250 level next week seems within reach. However, for this scenario to happen, several factors must coincide. First, the cryptocurrency must maintain its bullish sentiment and overcome the crucial resistance at $209.90. The passage of this level will confirm the ongoing upward trend and, possibly, will cause a new wave of buying interest.
If the SOL token manages to break above $209.90, it will open the way to $250, which corresponds to the 1.272 Fibonacci extension, a key target that could cause excitement among traders. A clean break above $250 could even trigger additional buying, pushing SOL closer to its all-time high of $260.06, a psychological and technical milestone.
However, for this push to succeed, there needs to be sustained buying pressure; a jump in trading volume above $6 billion would be critical support for a move of this magnitude, boosting market confidence. On the other hand, if SOL hits resistance and fails to break above $209.90, a pullback could be on the horizon.
In this case, the .786 Fib level at $182.79 acts as the first major support, a point that has reliably supported price action in the past. A break here could lead to a test of $163.99 (0.618 Fib Retracement), which would likely serve as a consolidation area. But if selling intensifies, the altcoin could fall further to $151.95 (0.5 Fibonacci retracement), changing the outlook from bullish to neutral.
