As of November 12, 2024, SOL trades at $211, marking a 5% in the past 24 hours, according to Brave New Coin’s Solana Price Index. This gain makes Solana the third-best performer among the ten largest cryptocurrencies by market capitalization.
Source: Brave New Coin Solana Price Index
The upward momentum began on November 5, ending a 234-day period of consolidation. Donald Trump’s recent election victory also played a role in boosting market sentiment, driving a further 14% increase in Solana’s price to a high of $224. This rise pushed SOL past the $190-$200 resistance, a stronghold that had held steady for nearly seven months.
Currently, Solana stands just 15% below its previous all-time high, igniting speculation that it could reach $1,000 by the end of this cycle. Drawing comparisons to the 2021 bull market, when Solana soared 900% after 117 days of consolidation, analysts see potential for history to repeat. If the trend holds, SOL could even approach $1,900.
Solana Breaks Key Levels, Signaling Strong Bullish Momentum
Solana’s recent price surge points to a strong upward trend. Breaking through the key supply range of $180–$200 signals clear bullish momentum. Holding above $200 strengthens the outlook for continued growth, with daily trading volume jumping 27%, as reported by Coingecko. This rise in volume suggests buyers dominate the market, potentially pushing prices higher with minimal pullbacks.
High trading volume, totaling $15.35 million, confirmed the breakout, signaling authenticity and reducing risks of a false move. A massive multi-year bull pennant pattern further supports the case for sustained gains. Additional factors, including political shifts under Donald Trump’s administration and Canary Capital’s filing for a Solana ETF, set the stage for a major rally.
SOL, Solana’s native asset, has surged 35% from November 5 to November 11, reaching $222—the highest mark since December 2021. This bullish run has sparked talk among traders about hitting the all-time high of $260. Meanwhile, Bitcoin’s rise to $84,500, driven by institutional inflows and expected regulatory clarity in the U.S., has fueled optimism for Solana’s outlook.
Solana’s TVL Hits $7.6B, Outpacing Altcoin Market
SOL recently surged past the broader altcoin market, gaining 33% over six days ending October 11. Investor optimism toward Solana rose further as smart contract activity expanded, reflected by the platform’s total value locked (TVL) reaching $7.59 billion by November 12—the highest since December 2021, according to DefiLlama. Applications like Jito, Raydium, Drift, and Binance’s liquid staking fueled a 36% boost in deposits, underscoring Solana’s increasing utility and adoption.
Source: DefiLlama
Critics, however, point to Solana’s reliance on memecoins like Dogwifhat (WIF), Bonk (BONK), and Popcat (POPCAT), each exceeding $1.5 billion in market cap. Decentralized token launch platforms, notably Pump.fun, have driven higher DEX volumes, further raising concern about Solana’s dependence on memecoins. Despite such risks, Solana’s rising TVL and expanding smart contract use indicate strong long-term potential.
Key future levels for Solana include the 0.27 extension at $260 and the 0.618 extension at $330, both likely resistance points on its upward path. Beyond these, SOL may reach $400, which is a critical psychological barrier. In case of a downturn, the prior resistance zone at $180-$200 is expected to provide solid support, allowing a potential rebound.
