Can Solana price retest all-time highs in Q4 2024?

Solana successfully retook a critical level that put it on the path to $260 in 2021. Hitting this price indicates that the SOL is likely to test its all-time high (ATH).

It also means that SOL can be passed despite multiple failed attempts. This analysis looks at historical data and technical patterns that support the movement.

Solana is set for history to repeat itself.

At the beginning of this year, the price of SOL exceeded $200, which led to speculation that the altcoin was about to hit a record high. However, after a few months, the price dropped by 36 percent. This has attracted many comments online, suggesting that the cryptocurrency may be at the top of its cycle.

As indicated by the weekly chart, the pessimism is not justified as of this writing. As seen below, Solana recently broke through the $141.82 support. In the year The same thing happened in August 2021, and In November The price increased by 82% and reached $260.

As shown below, the Relative Strength Index (RSI) broke above the downtrend line expected during that bull market. Currently, it appears to be playing a similar pattern, as the RSI appears to be doing the same.

Read more: 6 Best Platforms to Buy Solana (SOL) in 2024

If history matches Solana's past performance, the price could reach $260 and go higher in the next three months.

Another supporter of this bias is Solana's active addresses, which recently peaked. An increase in active addresses is a good indicator as it indicates an increase in the number of direct participants in successful transactions.

This increase shows that the demand for SOL is growing. So if network activity on Solana continues to grow, so will the value of SOL.

SOL Price Forecast: New All-Time High Close

Based on the daily chart, Solana price may soon break the $151.99 resistance due to the Exponential Moving Average (EMA) position. At press time, the 50 EMA (yellow) is still above the 20 EMA (blue), indicating that the SOL has not yet fully reached the bull level.

The same chart shows that the short-term EMA may be on the cusp of a longer-term uptrend. If that happens, the upside of SOL could break the upside resistance at $144.64.

Considering this speculative research, Solana's next price level could reach $176.07. If confirmed, the token could move to $194.08, perhaps setting the stage for SOL to hit $260 again and climb to $300.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

However, a return to $129.77 may offset this bias. If that's the case, Solana's price could drop to $129.77.