The price of Solana (SOL) reached a new all-time high of $264.39 during the trading session on November 23. After experiencing a 3% correction, this popular altcoin is currently trading at $255.12.
Despite this correction, the bullish bias on the altcoin is strengthening. Through a daily chart analysis, two reasons are highlighted that Solana's new all-time high may be approaching.
SOL's Strength Breaks Past All-Time High, Pushing Aside Bearish Sentiment
On the SOL/USD daily chart, the price is positioned above the green line of the Super Trend indicator. This indicator measures the overall direction and strength of the price trend. It is represented as a line on the chart, and its color changes according to the current trend: green indicates an uptrend, and red indicates a downtrend.
When the Super Trend line is above the asset's price, it signals a downtrend and suggests persistent bearish momentum. In the case of Solana, when the Super Trend line turns green and moves below the price, it indicates that the buyers have taken control.
This green line often acts as a support level, and increased buying pressure can drive a rebound after a price decline. For Solana, this support level is currently set at $213.53.
Additionally, the price of the coin is well above the Ichimoku Cloud, confirming this bullish outlook. This indicator tracks the momentum of the asset's market trend and identifies potential support/resistance levels.
When an asset's price is above the Ichimoku Cloud, it signals an uptrend. This indicates that the asset is in an upward trend and there is potential for further gains. In this case, the Cloud acts as a dynamic support area below the price, reinforcing the bullish sentiment.
SOL Price Prediction: Likely to Break Through $264 Resistance
Currently, SOL is trading at $255.12 and is below the new resistance at its all-time high of $264.39. If buying pressure strengthens further, the price of the coin is likely to turn this level into a support and attempt a new peak.
However, if profit-taking activity increases again, the price of SOL could lose some of its recent gains and trade around $231.35. If this level is not maintained, the price of SOL could drop to the $213.53 support level formed by the Super Trend indicator. This would temporarily negate the possibility of a new all-time high for Solana.
