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After hitting a new all-time high at $250 earlier today, the Solana price is set to discover new highs above $270. This is the price target of the ascending parallel channel that SOL has created on the two-hour chart.
Solana price rally continued in the early Asian trading hours to refresh a new all-time high (ATH) above $250 on Friday. This rally has seen SOL’s market cap cross the $70 billion mark to $74,482,231,058 ousting Cardano (ADA) to become the fourth ranked cryptocurrency according to market capitalization, according to data from CoinMarketCap.
Solana Price Is Unstoppable As SOL Bulls Targets $270
SOL has been on an impressive run throughout 2021, particularly during the third quarter. Solana price has rallied 21% over the last one month, 513% over the last three months and recorded a massive 12,600% over the last one year.
The recent Solana price action has formed an ascending parallel channel on the two-hour chart. This implies that SOL will continue rising as long as it remains within the confines of the rising channel.
At the time of writing, SOL is trading in the red at $242 and is fighting immediate resistance at $245.04 embraced by the tip of the lower boundary of the channel.
Note that if bulls manage to push Solana price past this level, the ‘Ethereum-killer’ may rise to tag the middle boundary of the prevailing chart pattern at around $258.
A rise past this level could see Solana move upwards to reach the price target of the ascending parallel channel around $271. This would represent a 12% from the current price as seen on the two-hour chart.
SOL/USD Two-Hour Chart
The upsloping moving averages and the position of the Relative Strength Index (RSI) at 61.03 close to the overbought region validate this bullish Solana price prediction.
However, if SOL loses the immediate support at $240 provided by the lower boundary of the prevailing chart pattern, the smart contracts token may drop towards the $237 support base. A drop further could see seller pull Solana towards the $220 psychological level or the moving averages below it.