Solana in Price Discovery Mode After New All-Time High

Key Takeaways

  • Solana just made a new all-time high of $218.
  • As SOL enters price discovery mode, more upside can be expected.
  • A particular technical pattern projects prices to rise to $250.

Solana continues heading north after breaking all resistance levels that prevented it from achieving its upside potential. Given the lack of opposition ahead, the SOL token is primed for further gains. 

Solana Makes New All-Time Highs

Solana has breached previous all-time highs and is back in price discovery mode.  

Achieving such a milestone was not easy as the sixth-largest cryptocurrency by market cap entered a stagnation period after reaching a record high of $216 on Sep. 9. Its price action has been characterized by a series of lower highs and higher lows that led to the formation of a symmetrical triangle on the 12-hour chart. 

A sudden spike in buy orders on Oct. 20 allowed Solana to break out of its consolidation pattern. Although prices have risen by more than 34% since then, SOL may still have more room to go up. The measurement of the triangle’s y-axis added to the breakout point anticipates another 15% upswing. 

If validated, further upward pressure could catapult Solana towards $250 or higher.

Solana US dollar price chart
Source: TradingView

It is worth noting that speculators could be anticipating a bullish announcement at Solana’s upcoming Breakpoint conference in early November. However, if the conference fails to meet traders’ expectations, a “sell the news” event might occur, increasing the downward pressure on Solana.

A correction might materialize under such circumstances, pushing the SOL token back towards the $195 support level. 

Disclosure: At the time of writing, the author of this feature owned BTC and ETH. 

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