On November 7, with the market momentum continuing to strengthen, the price of Bitcoin broke through $76,800, setting a new all-time high again. Multiple positive factors have driven this upward trend, first of all, a large amount of capital has flowed into Bitcoin spot ETFs, indicating extremely strong institutional demand, secondly, the Bitcoin price has broken out of the downward trend of the past seven months, laying a solid foundation for the price increase. Thirdly, Trump's successful election and the Republican Party's control of Congress, the Senate, and the executive branch were interpreted as positive signals, exacerbating the bullish outlook. These combined factors indicate that as the market environment and political landscape change, optimism and institutional support are constantly increasing, so the current upward trend in the cryptocurrency market may continue.
The short-term target price for Bitcoin may reach the range of $82,000 to $85,000
Relevant technical analysis shows that the market bulls are trying to push the Bitcoin price up to the range of $78,000 to $85,000. The order book depth shows that a large number of buy orders are concentrated in the $77,000 to $78,000 range, followed by a clear upward path to $83,000. The Fibonacci extension tool shows that the Bitcoin price may rebound to around $82,367, which is exactly in line with the golden ratio. As the Bitcoin price rises to new highs, the spot trading volume remains relatively stable, the financing rate has declined, and the liquidation volume remains at a minimum, further supporting the likelihood of the upward trend.
SOL price starts to soar amid changes in the political environment and market momentum
From November 5 to November 7, Solana's native token SOL surged 22.5%, briefly touching $197.12, a seven-month high. At the same time, with Bitcoin price setting a new all-time high, Altcoin prices also generally rose by around 17%. This surge was mainly driven by the positive sentiment of Donald Trump's election victory and the Republican Party's control of the majority of seats in the Senate, indicating that the Trump administration may introduce more cryptocurrency-friendly regulatory measures. The increase in SOL demand is matched by the increase in leveraged positions, and the open interest in Solana futures reached a new high on November 7, suggesting that despite the risk of forced liquidation during price corrections, the SOL token still has the potential for further upside.
The growth of the ecosystem and strong on-chain indicators suggest that SOL price still has the potential to soar
Strong on-chain indicators support the continued growth of Solana (SOL) prices, with the recent surge partly attributable to the surge in meme coin activities on platforms like Pump.fun and Raydium DEX. But Solana's on-chain liquidity staking, perpetual futures, leverage, and lending businesses have all seen significant growth, with the total locked value (TVL) growing 22% to $6.64 billion in November. These strong on-chain indicators have maintained the stability of the derivatives market, and combined with Solana's competitive advantages in fast and low-cost transactions, may continue to attract users and drive the SOL token price to break through the $200 mark.
