• Solana set a new all-time high, hitting $290 at press time while continuing to climb higher
• CMF was at highs previously seen in March 2024, highlighting remarkable capital inflows

Solana [SOL] dominated the large-cap crypto mindshare. Over the last 24 hours alone, it gained by 18.8% on the charts while the rest of the top 10 (excluding stablecoins) had gained by less than 5% at best. In fact, some of the major altcoins had posted losses too.

This phenomenon was unique, but not unprecedented. During the last bull run, there was a time when Dogecoin [DOGE] rallied by nearly 1000% in a month, vastly outperforming most other assets within that window. This time, it is the Solana-based, Trump-backed memecoin Official Trump [TRUMP].

Solana posts all-time high, targets $370

The rally in November was used to plot a set of Fibonacci retracement levels. This rally extended from $155.11 to $264.39. The 78.6% retracement level at $178.5 was defended well by the bulls in recent weeks.

The recent TRUMP memecoin mania boosted demand for SOL. Additionally, the visibility of the Solana chain could also have contributed to the outsized gains, with rumors of a U.S. strategic reserve and ETFs.

The extension levels at $331.9 and $373.6 would be the next price targets for Solana in the coming weeks. At press time

Go to Source to See Full Article
Author: Akashnath S