Solana (SOL) Weekly Price Outlook: Bullish Targets and Support Levels

Solana's (SOL) recent price action has captivated the market as the cryptocurrency saw a 22% weekly surge, climbing from support levels around $163.99 to a high near $205 in just a few days.

Solana's (CRYPTO: SOL) recent price action has been nothing short of captivating, with the cryptocurrency surging 22% over the past week. After finding support at levels around $163.99, SOL quickly ascended to highs of $205 in just a matter of days. Currently trading at $198.60, the token shows no signs of slowing down as it inches closer to its resistance at $209.90.

A glance at the RSI reveals that the altcoin is situated firmly in bullish territory, with a reading of 70.35. This indicates sustained upward momentum while presenting a cautionary warning of overbought conditions. As a result, the question on everyone's mind is: Will SOL be able to penetrate the critical resistance at $209.90, setting the stage for a run toward $250?

Solana's Bullish Momentum Builds Toward $250 Target

In addition to the optimistic price movement, Solana's trading volume has also spiked to $5.71 billion over the past 24 hours, reflecting strong market interest in the cryptocurrency. Moreover, the upward trend aligns with SOL's historical bullish trendline and recent ChoCH (Change of Character) patterns, indicating a possible continuation of the rally.

From a technical standpoint, the token finds strong support at the 0.618 Fibonacci level of $163.99, which has bolstered recent price rebounds. Should this momentum persist, the token could easily reach the $250 mark, which aligns with the Fibonacci 1.272 extension at $250.23.

With SOL's market cap now at $93.68 billion, all eyes are on whether this powerhouse asset can achieve the bullish target of $250 and edge closer to its all-time high of $260.06. However, whether the cryptocurrency can overcome the critical resistance levels required to reclaim its historic highs is yet to be seen, making the subsequent few trading sessions crucial for its trajectory.

Solana's Bullish Trajectory Backed by On-Chain Metrics

Recent on-chain data, backed by detailed metrics, paints an even stronger picture of Solana's bullish trajectory. According to CoinGlass data, OI-Weighted Funding Rates have remained positive throughout, currently standing at 0.0105%. This positive funding rate signals a robust demand for long positions on SOL, suggesting that traders are willing to pay a premium to maintain their bullish bets.

A closer look at the Total Liquidations Chart indicates a tilt toward short liquidations. On November 8, at a SOL price of $198.13, approximately $9.1 million in short positions were liquidated across major exchanges. Of this total, Binance accounted for $3.45 million, OKX for $3.45 million, and Bybit for $1.62 million.

In comparison, only $6.04 million in long positions were liquidated, with most exchanges showing a net positive for long interest. The dominance of short liquidations over longs highlights an active short squeeze, where short sellers were forced to cover their positions, adding buying pressure to SOL's price surge.

Solana Weekly Price Outlook: Bullish Targets and Support Levels

Given Solana's current momentum, a test of the $250 level by next week seems to be within reach. Howeverest, for this scenario to unfold, several factors need to align. First, the cryptocurrency must keep its bullish drive intact and break through the crucial resistance at $209.90. Clearing this level would confirm an ongoing uptrend, possibly igniting a fresh wave of buying interest.

If the SOL token manages to push past $209.90, the path to $250 opens up, aligning with the 1.272 Fibonacci extension—a key target that could drive excitement among traders. A clean break above $250 might even fuel additional buying, inching SOL closer to its all-time high of $260.06, a psychological and technical milestone.

Yet, for this push to succeed, sustained buying pressure is essential; a trading volume spike above $6 billion would provide the critical support for a move of this magnitude, boosting confidence across the market. On the other hand, should SOL face resistance and fail to break $209.90, a pullback could be on the horizon.