Bitcoin Shatters $76,850 Record and SOL Skyrockets – Is This Just the Beginning of Massive Crypto Rally?

Bitcoin’s price reached a new all time high above $76,850, with multiple data points indicating the rally may continue higher.

Source: webrazzi.com

On Nov. 7, Bitcoin sustained its impressive run of daily all time highs, reaching above $76,800 as momentum in the market continued to build. A series of key factors are fueling this upward trend, beginning with robust inflows into spot Bitcoin ETFs, which signal strong institutional demand. Additionally, Bitcoin has recently broken out of a 7-month downtrend, setting the stage for fresh price discovery as traders and investors look for new targets in the absence of overhead resistance. 

Adding to the bullish outlook, the success of the U.S. Republican party’s red wave across the Congress, Senate, and Executive branches is being interpreted as a pro-business signal, which has led multiple institutional investors to boost their allocations to Bitcoin as a hedge and growth asset. Together, these elements suggest that Bitcoin’s current rally could have further to run, as optimism and institutional support grow in response to shifting market and political dynamics.

BTC Short-Term Price Targets Set At $82,000 $85,000

Technical analysis suggests that traders are eyeing a potential rally to the $78,000 to $85,000 range. The aggregate order book at 2.5% depth reveals a block of sell orders around $77,000–$78,000, followed by a clear path up to $83,000. Using the Fibonacci extension tool, the rally is projected to reach around $82,367, aligning with the 1.618 extension level. Spot trading volumes have stayed steady, the funding rate has cooled, and liquidations have remained minimal during today’s push to new highs, supporting the possibility of further gains.

Altcoin SOL Soars Amid Political Shift and Market Momentum

Solana’s native token, SOL, surged 22.5% from Nov. 5 to Nov. 7, hitting $197.12—its highest level in seven months—amid a broader 17% rise in altcoins as Bitcoin reached a new all-time high. The rally was largely driven by positive sentiment following President-elect Donald Trump’s victory and the Republican party’s Senate majority, signaling the potential for more crypto-friendly regulations. Increased demand for SOL was matched by a rise in leveraged positions, with Solana futures’ open interest reaching an all-time high on Nov. 7, suggesting further upside potential despite the risk of forced liquidations in case of a price correction.

Solana's Ecosystem Growth and Strong On-Chain Metrics Signal Potential for Continued Price Surge Beyond Memecoin Hype

Strong on-chain metrics support sustained price growth for Solana (SOL), with recent gains partially attributed to a memecoin surge on platforms like Pump.fun and Raydium DEX. However, broader Solana ecosystem developments, such as a 22% rise in total value locked (TVL) to $6.64 billion in November, are driving SOL’s potential beyond memecoins, especially in areas like liquid staking and lending. As long as on-chain metrics remain robust and derivatives markets stable, Solana’s competitive advantage in fast, low-cost transactions should continue to attract users, signaling the potential for SOL prices to surpass $200.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.