bullish

Solana

Bitcoin

Jito

<ul class="wp-block-list"> 
 <li>Solana trades at $243.46, just 8.5% away from its all-time high of $260.</li> 
 <li>Memecoin-driven DApps generated record-breaking fees, boosting ecosystem activity.</li> 
</ul> 
Solana (SOL) is currently trading at $243.46, marking a 10.44% surge in the last 24 hours. The trading volume has skyrocketed to $10.17 billion, reflecting a massive 101.66% increase and signalling heightened investor interest.&nbsp; 
With a market cap of $115.55 billion, Solana is now one of the strongest contenders in the crypto market. Its volume-to-market-cap ratio stands at 8.80%, which further emphasizes its increasing market liquidity. Impressively, Solana is just 8.5% away from reclaiming its all-time high price of $259, last reached in November 2021. 
The return of memecoin mania has propelled Solana-based decentralized <a href="https://defillama.com/fees/simple" target="_blank" rel="noreferrer noopener nofollow">applications</a> (DApps) to record-breaking performance. On November 17, Raydium, a popular automated market maker, generated $11.31 million in fees. Similarly, the liquid staking protocol Jito recorded its third-highest daily revenue of $9.87 million, demonstrating the ecosystem’s vitality. 
Other Solana-based protocols also saw impressive earnings. For instance, pump.fun, a memecoin launchpad, collected $1.65 million in fees, while Photon, a Telegram trading bot for memecoins, reported $2.36 million in revenue. This <a href="https://solanacompass.com/tokenomics#:~:text=Solana's%20annual%20inflation%20rate%20is,decrease%20by%2015%25%20every%20year." target="_blank" rel="noreferrer noopener nofollow">surge</a> in activity coincides with SOL reaching its highest price level since November 2021, signaling renewed investor enthusiasm. 
Notably, Solana’s market cap has risen by 44% since its previous all-time high, despite inflationary pressures from token issuance. The increase stems from the protocol’s reward mechanism, which mints new SOL tokens to incentivize stakers.&nbsp; 
<h3 class="wp-block-heading" id="h-bullish-indicators-for-sol">Bullish Indicators For SOL</h3> 
Solana’s<a href="https://thenewscrypto.com/is-solana-price-struggling-to-break-resistance-at-the-220-level/" target="_blank" rel="noreferrer noopener"> price</a> action suggests a strong bullish trend. The 9-day moving average (MA) at $220.48 has crossed above the 21-day MA at $195.68, confirming a bullish crossover. This crossover is a widely recognized signal for continued upward momentum. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="447" src="https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-18_09-29-21-1024x447.png" alt="" class="wp-image-114663" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-18_09-29-21-1024x447.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-18_09-29-21-300x131.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-18_09-29-21-768x335.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-18_09-29-21-1536x671.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-18_09-29-21.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure> 
The current resistance level stands at $244, while support is found at $220. If Solana breaks above resistance, the price could target an all-time high of $259. Conversely, a failure to hold support may lead to a pullback toward $195, offering a potential re-entry point for traders. 
The Relative Strength Index (RSI) is at 76, signaling overbought conditions but underscoring strong buying pressure. The RSI average of 69.84 further highlights <a href="https://thenewscrypto.com/will-bonk-break-key-resistances-to-fuel-further-gains/" target="_blank" rel="noreferrer noopener">bullish </a>sentiment. However, traders should be cautious, as overbought levels often lead to short-term price corrections. 
Breaking above the $244 resistance could allow Solana to test and potentially surpass its $260 all-time high. On the other hand, a short-term pullback might provide a buying opportunity around $220 or lower. Solana remains a standout performer, with robust fundamentals and technical indicators pointing to sustained momentum. 
Highlighted Crypto News Today <a href="https://thenewscrypto.com/can-bitcoin-overcome-sell-pressure-to-hit-100k/" target="_blank" rel="noreferrer noopener">Can Bitcoin Overcome Sell Pressure to Hit $100K?</a>

Will Solana Bulls Push the Price to Its All-Time High?

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