SOL rose above its previous all-time high near $215, with bullish momentum pushing it to a new peak near $220.
Solana (SOL) has been among the best-performing cryptocurrencies in recent weeks. Data from CoinGecko shows SOL gained about 32% over the past seven days and nearly 54% over the past month.
Since October of last year, Solana’s value has surged more than 11,490%, propelling the project up the rankings to become the sixth-largest blockchain by market capitalization.
At the time of writing, SOL is trading around $210.70, down slightly after giving back some gains from the last 24 hours.
Despite this pullback, Solana remains in a bullish trend. Another upward leg could push the $62.5 billion network toward testing the previous all-time high of $219.05 recorded on October 25.
The daily chart shows the SOL/USDT pair trading above both the 20-period exponential moving average (EMA) and the 50-period simple moving average (SMA) following a bullish breakout from a contracting triangle pattern.
A short-term bounce signal is supported by an upward-sloping relative strength index (RSI), which currently sits in the overbought region, indicating the advantage lies with buyers. The daily candlestick action also reflects buyer aggression, suggesting potential targets near $225 and, if momentum continues, $250.
SOL/USDT daily chart. Source: TradingView
On the downside, immediate support is located around $201 and $191, both acting as horizontal anchors. The 20 EMA, near $177, represents the primary demand-reload zone where buyers could re-enter on deeper retracements.
What’s behind Solana’s price rally?
In September, a significant network outage triggered a sharp negative reaction that sent SOL lower by more than 40%.
In the weeks since, sentiment has improved thanks to renewed network activity driven by growing interest in NFTs, a successful protocol upgrade, and continued inflows from institutional investors. Those factors helped lift Solana into one of October’s top crypto performers.
SOL’s gains have also tracked broader market strength led by Bitcoin (BTC) and Ethereum (ETH), both of which reached new all-time highs in the same period.