Solana’s (SOL) price has soared to a multi-month high, thanks to pro-crypto Donald Trump’s victory in the November 5 US presidential elections. As of this writing, the altcoin trades at $189.11, a high it last reached in July.
With sustained demand for the altcoin, it’s on track to reclaim its year-to-date high of $210.03. The big question now is: how soon will it get there?
Solana Reaches New Highs
The Solana rally has been strongly fueled by Donald Trump’s victory in the just-concluded US presidential elections. During Wednesday’s session, BeInCrypto reported that the altcoin’s trading volume surged to a three-month high of $8.33 billion as news broke that Trump was set to be announced as the winner.
With strengthening demand for Solana, it currently trades above its 20-day exponential moving average (EMA), which measures its average trading price over the past 20 days.
When an asset’s price trades above this key moving average, it is seen as a bullish signal. It suggests that the current market sentiment is positive, with the recent price action above the average indicating upward momentum. Traders view this as a sign that buying pressure is prevailing, and the market may continue its upward trend in the short term.
Read more: How to Buy Solana (SOL) and Everything You Need to Know
Solana 20-Day EMA. Source: TradingViewFurthermore, Solana’s rising Relative Strength Index (RSI) supports this bullish outlook. As of this writing, the indicator’s value is 66.87.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction. On the other hand, values under 30 indicate that the asset is overbought and may soon witness a rebound.
An RSI reading of 66.87 suggests that the Solana rally has strong upward momentum, with buying pressure likely driving the price higher. However, it is not yet in the overbought zone. This means there could still be room for further price appreciation.
Solana RSI. Source: TradingViewSOL Price Prediction: Year-To-Date High in Sight
At press time, Solana is trading at $189.11, slightly above the critical level of $186.40. If demand for the altcoin remains strong, it will attempt to break through the $193.34 level, the final hurdle, before reclaiming its year-to-date high of $210.03.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
Solana Price Analysis. Source: TradingViewHowever, this bullish outlook will be invalidated if buying pressure wanes and profit-taking intensifies. Solana could lose its recent gains and fall below $186.40, potentially reaching $171.78.
