The layer 1 blockchain, Solana (SOL) has seen a great deal of volatility this month with the price rallying to touch its all-time high at $260. This has caught the attention of investors who are now buying the altcoin, making analysts predict that SOL will soon hit $500 and maybe rally towards $700.

As per analysts Solana will surge further in the Altcoin Season after months of undervaluation in the last 5 months. The token is undergoing price consolidation at a high-time frame before rallying which means a breakout is near.

Most of the analysts' predictions have come true as Solana gained 35% since the last prediction as it touched its ATH and is facing a bullish momentum at present.

In the last 30 days, SOL has seen a 60% price gain which caused it to reach $259.98 on November 21 end of the day. That was a 7.26% price spike. Solana fluctuated between $240.17 and $263.70 in the last 24 hours.

While the crypto market experienced a bullish trend on November 22 with Bitcoin inches away from $100k, currently at $98k and Ethereum rallying over $3300, SOL price is also getting triggered to hit its ATH

If the current bullish pressure continues, Solana will soon rise up to challenge the $300 resistance level. Analysts are anticipating that the altcoin will then rally to the $500 mark, possibly even going to $700 if that happens.

That means a more than 90% price gain is anticipated which is reflected by the altcoin's RSI of 68, suggesting an overbought territory is near.

The token's open interest and trading volume has spiked significantly in recent times which points towards investors participating, boosting market activity for Solana.

At the time of writing, SOL was trading at $254.62, down 0.45% in the last 24 hours while the trading volume declined by 29.05% to be at $7.47 billion and the market cap decreased to $120.82 billion.