- Solana set a new all-time high, reaching $290 at press time while continuing to climb higher.
- The CMF reached previously seen highs in March 2024, highlighting remarkable capital inflows.
Solana (SOL) has dominated the mindshare of large-cap cryptocurrencies. Over the last 24 hours alone, it gained 18.8% in the charts while the rest of the top 10 (excluding stablecoins) had gained less than 5% at best. In fact, some of the major altcoins also recorded losses.
This phenomenon was unique, but not unprecedented. During the last bull run, there was a time when Dogecoin (DOGE) rose almost 1,000% in a month, vastly outperforming most other assets during that window. This time it’s the Solana-based and Trump-backed memecoin Official Trump (TRUMP).
Solana Hits All-Time High, Targets $370
Source: SOL/USDT on TradingView
The November rally was used to plot a set of Fibonacci retracement levels. This rally extended from $155.11 to $264.39. The 78.6% retracement level at $178.5 has been well defended by bulls in recent weeks.
TRUMP’s recent memecoin mania has boosted demand for SOL. Additionally, the visibility of the Solana channel may also have contributed to the outsized gains, with rumors of a US strategic reserve and ETFs.
The extension levels at $331.9 and $373.6 would be the next price targets for Solana in the coming weeks. At press time, the RSI was also in overbought territory. Additionally, CMF reached highs not seen since March 2024, highlighting the extraordinary bullish momentum behind the altcoin.
Source: Coinglass
Finally, the three-month liquidation heatmap revealed that major liquidity pockets to the north have been wiped out. Finally, although the $290-$300 area persisted, the air was relatively clear above $300.
Read Solana (SOL) Price Prediction 2025-26
The price action revealed that strong gains are ahead now that a new all-time high has been reached. With Bitcoin (BTC) still trading around the $105,000 mark, it is possible that Solana has plenty of time to push higher, and could even surpass $400.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
