Dogecoin and Solana are two of the largest cryptocurrencies by market cap and are closely positioned within the top ranks of the market, with only BNB separating them. Both cryptocurrencies have seen their respective market caps increase massively in the past 30 days. At the time of writing, Solana has a market cap of $104 […]
Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to consolidate above this key level. This period of volatile price action highlights Solana’s strong position within the market, as investors watch for signs of a further breakout. Top analyst and investor Immortal recently shared an insightful technical analysis comparing Solana’s chart to Bitcoin’s historical price movements, suggesting that Solana’s next breakout may be imminent. Related Reading: Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80% As the market reaches new highs, Solana’s ability to hold above $210 could indicate strength, drawing in additional interest from retail and institutional investors. In the coming days, Solana’s price action will likely clarify whether this consolidation phase is merely a pause before a more substantial move. With the broader crypto market reaching unprecedented levels, Solana is positioned at a critical juncture, and traders will closely monitor its performance for signs of a continuation of its upward trajectory. Solana Preparing For A Rally Solana appears poised for a significant rally, having broken out of an 8-month accumulation phase that began in March. This critical development has caught the attention of top analyst and trader Inmortal, who shared an analysis on X, comparing Solana’s recent chart patterns to those of Bitcoin. His technical perspective suggests that Solana mirrors Bitcoin’s past price movement and could be on the cusp of a substantial surge. Following its break above the yearly high of $210, Solana’s next target is likely to be its all-time high of $258. This level is viewed by many as a critical resistance, and a successful test could pave the way for even greater price gains. The breakout from such an extended accumulation phase has bolstered confidence in Solana’s bullish structure, and the market is closely watching for signs of sustained momentum. The timing of this potential move is also strategic. As Bitcoin consolidates just below its all-time high, a period of stability could provide the perfect window for altcoins, particularly Solana, to gain traction. This pause in Bitcoin’s rally allows liquidity to shift toward other strong projects, positioning Solana well for a possible continuation of its upward trend. Related Reading: Dogecoin Could Target $2.4 If Price Aligns With Macro Pattern – Details The next few days will be pivotal for Solana as traders look to see if it can sustain support above $210. If Solana holds this level and momentum remains, a push toward the $258 all-time high could unfold rapidly, further solidifying its role as a leading altcoin in the market’s current bull phase. SOL Testing Last Supply Levels Before ATH Solana is currently trading at $220, having broken its yearly highs, yet it’s now encountering some volatility as traders assess the next move. With SOL just 17% away from its all-time high of $258, many are watching closely to see if it can sustain this momentum without giving traders any lower entry points. The $210 support level is particularly crucial in the coming days. If SOL fails to hold above this mark, a short-term correction could drive prices lower, potentially offering some breathing room for buyers looking to enter before the next rally. However, should SOL remain steady above $210, the likelihood of a rapid push to new highs becomes even stronger, as it signals ongoing bullish strength in a market eager for upward movement. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs As Solana continues to consolidate at these elevated levels, a decisive break could ignite a swift rally, drawing in both retail and institutional interest. Traders are preparing for either outcome: a brief correction as a buying opportunity, or a breakout that takes Solana into uncharted territory, setting new highs and reaffirming its place among top-performing altcoins this cycle. Featured image from Dall-E, chart from TradingView
Solana (SOL) is gaining momentum once more, with bullish energy pushing it higher as it aims for the next major resistance at $240. Following recent consolidations, SOL has surged onto traders’ radars with renewed buying interest, sparking optimism that the climb will continue. With market sentiment turning increasingly favorable and technical indicators pointing toward further gains, all eyes are on SOL’s potential to break through its next significant threshold. Could this be the start of a rally that propels Solana to new heights? As bullish momentum builds, this article delves into Solana’s recent price action to evaluate whether its current upward trajectory has the strength to drive it toward the $240 mark. We’ll assess SOL’s capacity to sustain its rally and reach this pivotal price target by analyzing key technical indicators, market dynamics, and support and resistance levels. Exploring The Factors Behind SOL’s Uptrend Solana is currently trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, a clear indication of upside strength. After experiencing a brief pullback to the $200 level, SOL has regained strength, with renewed buying interest pushing it toward the next key resistance at $240. This upward movement suggests that the bulls are in control, and if SOL can maintain its momentum, it could soon challenge and possibly break through the $240 level, opening the door to further gains. An analysis of the 4-hour Relative Strength Index (RSI) reveals that the RSI has risen above the 50% threshold after dipping below it, signaling a shift in market sentiment. If the RSI continues to rise and stays above 50%, it points to the potential for more price growth and continued confidence in the price’s ability to gain. Related Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target Additionally, the daily chart reveals that Solana is experiencing strong upside movement, reflected in the formation of bullish candlestick patterns. With the asset trading above the key 100-day SMA, its positive trend is further validated. As SOL maintains this trajectory, it bolsters market confidence, setting the stage for more gains as it eyes the $240 target. Lastly, the RSI on the daily chart is at 71%, showing strong optimistic sentiment after recovering from a dip to 69%. This rebound indicates a resurgence in buying pressure, suggesting a shift toward a more positive market outlook. The RSI’s constant increase signals that the asset may maintain its upward trajectory, supporting the ongoing bullish trend and paving the way for additional gains. Can Solana Break Through Resistance On Its Path To $240? Solana is currently demonstrating strong bullish momentum, holding above the crucial 100-day SMA and recovering from recent pullbacks. As SOL advances toward the $240 target, a breakout above this level could trigger an extended buying pressure, propelling the price toward its all-time high of $260. Related Reading: Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally However, failure to break above the $240 resistance could cause a decline, with the price targeting the $209 level and other support ranges further down. Featured image from Adobe Stock, chart from Tradingview.com
Surging activity in onchain and derivatives metrics suggests that Solana’s bullish momentum is set to continue.
The Solana blockchain network has been making tremendous strides and is on its way to catching up with Ethereum. Based on hedge fund Syncracy Capital’s recent findings, the market share and the valuation of Solana have increased in a short period, going as far as an estimate placing the network at 33% of the worth of Ethereum. Related Reading: Shiba Inu Price Watch: 60% Rally Catches Whale Attention – Is More Growth Ahead? This progress highlights how far Solana has come since being considered an undervalued player in 2023, thanks to more coherent architecture, higher transactions per second and simplicity of development. Solana has seen, and continues to see, an increasing volume of activity on-chain and growth in users and builders, after shaking off the difficulties caused by the collapse of FTX. Advancement Of App Earnings And Other Metrics Undoubtedly, the most noteworthy change this month is that Solana set a new record, outperforming Ethereum in terms of monthly application revenue. This is hardly surprising, given the rise in applications that are finance and commerce oriented. Retailers have found Solana very appealing because it is easy to use on mobile devices, and has low transaction costs. Pumpdotfun and other apps like it are also showing off the full potential of Solana’s network. These apps currently make over $348 million a year. With about 42 million SOL locked as of October 26, Solana’s TVL has reached a two-year high. By contrast, Ethereum’s TVL has stayed somewhat unchanged – particularly in decentralized finance (DeFi) and decentralized physical infrastructure networks (DePIN) – which are both seeing a spike in usage on the platform. This rise in TVL reflects the growing confidence in Solana’s ecosystem. The Future Of Solana And The Expanding Ecosystem The appeal of Solana’s ecosystem is steadily on the rise, even vying with Ethereum in the few niches that remain uncontested. The network does not only focus on retail merchants, but it is also on the rise with several innovative DePIN protocols that aim to incentivize the users to maintain the real world infrastructure. Solana’s forthcoming Firedancer upgrade is anticipated to further improve the network’s scalability. Syncracy Capital said this will maintain Solana’s valuation disparity with Ethereum at a low level, thereby establishing it as a formidable competitor. Related Reading: XRP Price Patterns And 2024 Election Spark Talk Of A New Rally SOL Price Forecast It is projected that by the 14th of December, 2024, the price of Solana will have appreciated by 12%, hitting $242, data from CoinCodex shows. Considering that the Fear & Greed Index lies within its ‘Extreme Greed’ limits and consumer behavior is still positive, it would be more logical to purchase Solana at this point in time. More so, there is a likelihood that the price of Solana will also go up bearing in mind the efficiency of the network and the month’s growth of 30%. Featured image from DALL-E, chart from TradingView
The Solana blockchain network has been making tremendous strides and is on its way to catching up with Ethereum. Based on hedge fund Syncracy Capital’s recent findings, the market share and the valuation of Solana have increased in a short period, going as far as an estimate placing the network at 33% of the worth of Ethereum. Related Reading: Shiba Inu Price Watch: 60% Rally Catches Whale Attention – Is More Growth Ahead? This progress highlights how far Solana has come since being considered an undervalued player in 2023, thanks to more coherent architecture, higher transactions per second and simplicity of development. Solana has seen, and continues to see, an increasing volume of activity on-chain and growth in users and builders, after shaking off the difficulties caused by the collapse of FTX. Advancement Of App Earnings And Other Metrics Undoubtedly, the most noteworthy change this month is that Solana set a new record, outperforming Ethereum in terms of monthly application revenue. This is hardly surprising, given the rise in applications that are finance and commerce oriented. Retailers have found Solana very appealing because it is easy to use on mobile devices, and has low transaction costs. Pumpdotfun and other apps like it are also showing off the full potential of Solana’s network. These apps currently make over $348 million a year. With about 42 million SOL locked as of October 26, Solana’s TVL has reached a two-year high. By contrast, Ethereum’s TVL has stayed somewhat unchanged – particularly in decentralized finance (DeFi) and decentralized physical infrastructure networks (DePIN) – which are both seeing a spike in usage on the platform. This rise in TVL reflects the growing confidence in Solana’s ecosystem. The Future Of Solana And The Expanding Ecosystem The appeal of Solana’s ecosystem is steadily on the rise, even vying with Ethereum in the few niches that remain uncontested. The network does not only focus on retail merchants, but it is also on the rise with several innovative DePIN protocols that aim to incentivize the users to maintain the real world infrastructure. Solana’s forthcoming Firedancer upgrade is anticipated to further improve the network’s scalability. Syncracy Capital said this will maintain Solana’s valuation disparity with Ethereum at a low level, thereby establishing it as a formidable competitor. Related Reading: XRP Price Patterns And 2024 Election Spark Talk Of A New Rally SOL Price Forecast It is projected that by the 14th of December, 2024, the price of Solana will have appreciated by 12%, hitting $242, data from CoinCodex shows. Considering that the Fear & Greed Index lies within its ‘Extreme Greed’ limits and consumer behavior is still positive, it would be more logical to purchase Solana at this point in time. More so, there is a likelihood that the price of Solana will also go up bearing in mind the efficiency of the network and the month’s growth of 30%. Featured image from DALL-E, chart from TradingView
Solana started a fresh increase above the $200 support zone. SOL price is correcting gains and must stay above $200 for a fresh increase. SOL price started a fresh increase after it settled above the $188 level against the US Dollar. The price is now trading below $212 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $210 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a fresh increase if the bulls defend the $200 support zone. Solana Price Starts Downside Correction Solana price formed a support base and started a fresh increase above the $185 level like Bitcoin and Ethereum. There was a strong move above the $195 and $200 resistance levels. The price even cleared the $212 level. A high was formed at $225 and the price is now correcting gains. There was a move below the $220 and $212 levels. The price dipped below the 50% Fib retracement level of the upward move from the $195 swing low to the $225 high. There was a break below a key bullish trend line with support at $210 on the hourly chart of the SOL/USD pair. Solana is now trading below $212 and the 100-hourly simple moving average. The price is now approaching the key support at $200 and the 76.4% Fib retracement level of the upward move from the $195 swing low to the $225 high. On the upside, the price is facing resistance near the $208 level. The next major resistance is near the $212 level. The main resistance could be $225. A successful close above the $225 resistance level could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level. More Losses in SOL? If SOL fails to rise above the $212 resistance, it could continue to move down. Initial support on the downside is near the $202 level. The first major support is near the $200 level. A break below the $200 level might send the price toward the $195 zone. If there is a close below the $195 support, the price could decline toward the $185 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $200 and $195. Major Resistance Levels – $208 and $212.
SolFi is a spinoff of the crypto investment platform focused exclusively on Solana, DeFi Technologies said.
Solana (SOL) has seen a massive 35% weekly surge to a new year-high of $220, closing last week above levels not since in nearly three years. As the cryptocurrency soars and whales accumulate, some market watchers suggested SOL is poised to fly to new levels soon. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Solana Hits Three-Year High Price Solana has been one of the best-performing altcoins this bull run, seeing a massive surge in the past year. The cryptocurrency recently flipped Binance Coin (BNB) as the fourth-largest crypto by market capitalization after nearing the $190 price range last Wednesday. Since then, Solana has broken past the long-awaited $200 barrier and reached a $100 billion market capitalization, cementing its title as one of the cycle’s leaders. Moreover, SOL’s surge above $200 represented a breakout from a 34-week accumulation zone, which saw the token’s price move between the $210 and $110 range. SOL closed its massive week with a 35.6% jump above $215, recording the fourth-largest weekly close in the token’s history. Additionally, Solana hit a three-year high price, challenging November 2021 levels. SolanaFloor noted that SOL has seen a 291% increase in the past year, as the cryptocurrency was trading at $56 on November 11, 2023. The token has also seen a massive 1350% surge from its price two years ago when it fell as low as $10 after FTX’s collapse. Solana’s recent performance has fueled investor and market watchers’ bullish sentiment, with large-scale investors seemingly preparing for SOL’s new highs. According to On-chain data firm Lookonchain, whales have been accumulating the cryptocurrency. The post highlights that an investor has bought millions of dollars in SOL tokens since October 22. On Sunday, the whale purchased another 7,500 SOL, around $1.57 million, raising its total holding to 257,599 SOL, worth around $56.6 million at the time of writing. SOL’s Pathway To $260 Following SOL’s breakout, some crypto analysts suggested that Solana is about to hit a new all-time high (ATH). Market watcher CryptoHornHair asserted that the token will soon enter price discovery mode like Bitcoin (BTC). BTC is leading the crypto market’s rally, registering a staggering 23% weekly surge and hitting a new ATH of $84,929 today. The analyst stated that Solana has “no resistance to be found on SOL above $216 until new ATHs.” Altcoin Sherpa also noted that Solana is near ATH territory, suggesting that the $260 target is around the corner. Similarly, Rekt Capital pointed out that the token is “technically well-positioned to repeat history with a move to $260 over time.” Related Reading: Bitcoin Price Blasts Through $82,000: These Are The Key Reasons The analyst considers SOL’s “momentous weekly close” and retests of the old $202 resistance as support has primed Solana for a surge to the ATH resistance levels. Per the post, the last time SOL performed a weekly close like this, it rallied to $260. At the time of writing, Solana is trading at $219.56, a 6% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Solana (SOL) recently saw its market cap surge past $100 billion, setting the stage for a potential all-time high (ATH) rally for its native SOL token. Solana Reclaims $100 Billion Market Cap, Is SOL ATH Imminent? Solana, currently the cryptocurrency with the fourth-largest market cap, recently joined the ranks of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) by surpassing the $100 billion mark in market valuation. Related Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target At the time of writing, Solana’s native token SOL is trading at $216.43, marking impressive weekly gains of 32.6%. In comparison, Bitcoin has gained 19.6% and Ethereum 29.7% over the same period. To recall, SOL’s current ATH of $259.96 was recorded in November 2021, at the peak of the crypto bull market, buoyed by monetary easing as a measure to tackle the coronavirus pandemic. However, this upward momentum changed sharply for SOL at the height of the FTX crisis, with its price plummeting to a low of $8.68 in November 2022. SOL’s current market price thus reflects an almost 40x increase from these lows. Despite this substantial recovery, analysts believe there is still more room for SOL to rally, potentially setting a new ATH in its current price surge. Providing commentary on SOL’s recent price action, Julien Bittel, Head of Macro Research at Global Macro Investor, shared his analysis, saying that the SOL/BTC trading pair has broken out of an 8-month sideways consolidation channel, potentially moving toward the “banana zone” in Q4 2024. For the uninitiated, the “banana zone” in trading terms refers to a phase where the underlying asset may witness an explosive, parabolic price appreciation, leading to extraordinary gains in a short period. This breakout has positioned SOL for either an inverse head-and-shoulders pattern on the daily chart or a cup-and-handle pattern on the weekly chart, both incredibly bullish patterns for the altcoin. Another crypto trader, Bob Loukas, shared his outlook on X, stating that he wouldn’t be surprised to see SOL reaching a new ATH “within 14 days.” Loukas hinted that SOL could “get silly” in 2025, suggesting the potential for abnormal gains shortly. Overall Sentiment Bullish On SOL As BTC continues establishing new ATHs beyond $80,000, the wider crypto market appears to follow the leading asset’s price momentum. Related Reading: Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst Among major altcoins, SOL has piqued the interest of several crypto analysts due to its potential to “flip” Ethereum’s market cap and become the leading smart contract platform. In related news, Solana’s decentralized finance (DeFi) ecosystem’s total-value-locked (TVL) rose to $5.7 billion during Q3 2024, signifying a 26% quarter-over-quarter (QoQ) growth. Some analysts are wary of SOL’s current price action, suggesting that the token might be headed for a sharp correction before further upside movement. BTC trades at $82,251 at press time, up 3.5% in the past 24 hours. Featured image from Unsplash, Charts from X.com and TradingView.com
Some 30% of respondents expect Solana to tap $600 in 2025, according to a survey by MV Capital.
Ethereum (ETH) has jumped almost 20% over the past two days as the broader decentralized finance (DeFi) sector rallied following Donald Trump’s presidential victory. Ethereum Begins To Regain Momentum The second-largest cryptocurrency by reported market cap has lagged behind Bitcoin (BTC) and other smart contract platform tokens like Solana (SOL) for much of the year. Related Reading: Ethereum Analyst Shares Correlation With S&P500 – Last Dip Before It Hits $10,000? However, following Trump’s win as Republican US presidential candidate, ETH has witnessed a rise of over 10% since yesterday. The token’s rise has brought attention to one of Ethereum’s most innovative use cases to date – DeFi. In a long-form post on X, Arthur Arthur Cheong & Eugene Yap from crypto investment firm DeFiance Capital noted that total value locked (TVL) in Ethereum-based DeFi protocols is rebounding. While the analysts credit some of this growth to higher crypto asset prices, they also highlight that trading volumes on some DeFi platforms have “nearly recovered to 2022 levels, proving the resurgence is real.” Cheong and Yap outline several factors that indicate the DeFi ecosystem is heading toward the era of “DeFi renaissance.” First, the analysts note that DeFi appears to be emerging from the “trough of disillusionment.” For the uninitiated, disillusionment is a phase in the Gartner Hype Cycle when interest in a technology wanes as initial expectations are unmet. As shown in the chart below, DeFi is moving through the “slope of enlightenment” phase, likely headed for the “plateau of productivity” as the technology matures. Additionally, macroeconomic factors, including a low interest-rate environment, are expected to boost DeFi adoption in two critical ways: reducing opportunity costs and making loans more affordable. With treasury bills and traditional savings accounts offering minimal returns, investors increasingly turn to income-generating DeFi strategies like yield farming, staking, and liquidity mining. Lower interest rates are also likely to increase the supply of stablecoins by making loans cheaper, thereby providing additional liquidity to drive DeFi growth. How Is Trump Presidency Bullish For ETH? The analysis emphasizes that the 2024 US presidential elections can offer DeFi much required regulatory clarity. Trump’s presidency is anticipated to bring more favorable crypto regulations, which could boost investor confidence. Related Reading: Ethereum Risk-To-Reward Ratio Is ‘Too Good To Pass Up’ – Top Analyst Sets $6,000 Target Consequently, ETH is expected to benefit from any increase in investor interest in DeFi. Analysis by crypto experts suggests that ETH could rise to $3,400 if it clears certain key resistance levels. There has also been a significant increase in Ethereum whale activity, indicating that sophisticated and seasoned ETH holders are accumulating the token in anticipation of a potential rally. ETH faces stiff competition from rival smart contract platforms such as Solana. According to a recent report, the SOL DeFi ecosystem saw its TVL increase to $5.7 billion in Q3 2024. At press time, ETH trades at $2,806, up 7.1% in the past 24 hours, with a total market cap of $338.6 billion. Featured image from Unsplash, Charts from X.com and Tradingview.com
Solana is making waves in the market as bullish sentiment propels it toward the crucial $194 resistance level. With positive pressure on its side, SOL is drawing attention from investors eager to see if this push will mark the beginning of a major breakout. A successful breach of $194 could set the stage for a substantial rally, highlighting Solana as a key player in the current market upswing. With SOL edging nearer to the pivotal $194 level, this analysis delves into its breakout potential at this key resistance point, examining the upside movement driving the price upward. By assessing key technical indicators, resistance and support levels, and market sentiment, this piece provides insights into whether SOL bulls can push through and achieve new gains, highlighting the opportunities and risks for investors in this trend. Bullish Momentum Building For Solana On the 4-hour chart, Solana has exhibited strong bullish momentum, with its price pushing decisively above the 100-day Simple Moving Average (SMA) signaling renewed buying interest and a shift in market sentiment as SOL approaches the critical $194 resistance level. Breaking past the 100-day SMA has strengthened the upward case for SOL, suggesting that the asset may have the strength needed to challenge higher price levels. Also, the 4-hour Composite Trend Oscillator for SOL is displaying positive signals, as both the SMA line and the signal line have risen above the zero level and are nearing the overbought zone. Typically, this movement indicates that buying pressure is intensifying, showing that buyers are becoming increasingly dominant in the market. Related Reading: Solana (SOL) Rallies Strongly, Setting Sights on $200 Additionally, the daily chart shows Solana is on a solid upward trajectory, underscored by a strong multiple bullish candlestick that reflects sustained buying pressure. SOL’s position above the 100-day SMA further supports this positive price action, reinforcing the likelihood of continued gains. Trading consistently above this key SMA signals strengthening positive sentiment, as buyers maintain control and push the price toward higher levels, possibly setting the stage for a test of upcoming resistance zones. A closer look at the 1-day composite trend oscillator shows Solana in a bullish phase, with a crossover indicating strong upbeat momentum. As the indicator moves toward the overbought zone, it signals increasing buying strength and market enthusiasm, reflecting a potential for continued gains if optimistic sentiment holds. What A Successful Breakout Could Mean For SOL’s Future If SOL successfully breaks through the $194 resistance level, it could open the door for additional gains, with the next target being its all-time high of $209. A clear breach of this level may trigger a rally that may lead to the formation of new price highs, signaling continued bullish strength. Related Reading: Solana Bulls Push Past $164 Barrier, Momentum Signals More Gains However, if SOL fails to breach $194, there is a risk of a pullback toward lower support levels, such as $164 or $137, where buyers may step in to stabilize the price. Featured image from iStock, chart from Tradingview.com
Solana has finally broken through a crucial resistance level that has kept the price subdued for months, sparking fresh optimism among investors. However, the breakout has yet to be confirmed, leaving room for excitement and caution. Prominent analyst and investor Carl Runefelt recently shared a technical analysis on Solana, highlighting that the cryptocurrency is on the verge of breaking out from a massive bullish pattern. According to Runefelt, if the breakout holds, this setup can propel SOL toward a $300 target in the coming months. Related Reading: Ethereum Analyst Sets $3,400 Target Once ETH Breaks Key Resistance – Details The days ahead will be critical for SOL as market sentiment and trading volume determine whether this push is a sustained rally or a bull trap. For Solana to confirm this breakout, it must maintain its upward momentum and establish support above the previous resistance. Investors are closely watching these levels, as a failure to hold could lead to a retracement. However, if SOL can solidify its position, it could begin a powerful rally toward new highs. The outcome will shape Solana’s trajectory as it attempts to secure a place among the top-performing assets in the crypto market. Solana Testing Crucial Supply Solana is currently testing a critical supply level, a zone that will either drive SOL to new highs or send it back into consolidation. After pushing above the $185 mark—a key price level that now needs to hold as support—Solana is poised for a significant move. According to top analyst Carl Runefelt, who shared his technical analysis on X, Solana appears to be breaking out from a massive Symmetrical Triangle, a well-known bullish chart pattern. In his view, a confirmed breakout above this level could trigger a rapid surge to $300, a move that he believes would “destroy bears” and reinvigorate bullish sentiment. However, the coming days will be crucial in determining Solana’s direction, especially as the Federal Reserve’s interest rate decision is set to be announced today. If the Fed signals a rate cut or maintains current rates, it could fuel the rally by boosting risk-on sentiment in the market. A favorable environment from the Fed could lead to increased buying pressure on SOL, pushing it beyond its recent highs. Related Reading: Massive Bitcoin Short Liquidations Send BTC Above ATH – Trump Win Sets A Bullish Environment Conversely, if the $185 level fails to hold, SOL might re-enter a consolidation phase, temporarily stalling the upward momentum. For now, all eyes are on the Federal Reserve’s decision and how it might impact broader market sentiment, which will play a critical role in determining whether Solana’s bullish trajectory continues. A successful breakout here would not only confirm strength but could set the stage for Solana to challenge $300 in the coming months. SOL Technical Analysis Solana is currently testing the final resistance at $190, a crucial level that could pave the way for a challenge to its yearly highs around $210. For the bullish momentum to remain intact, SOL needs to break above and hold this level as support. However, achieving this may take several days as the market continues to digest the impact of Donald Trump’s victory and awaits the Federal Reserve’s decision on interest rates. If SOL fails to break above the $190 resistance, a consolidation phase between $180 and $190 could be healthy for price action. This range would allow the market to reassess and stabilize before making another attempt at breaking higher. However, it’s important that the price remains above the $180 mark during this consolidation. If SOL holds above this level, the uptrend can continue, with a potential push toward yearly highs. Related Reading: Ethereum Analyst Shares Correlation With S&P500 – Last Dip Before It Hits $10,000? On the other hand, if the price drops below $180, it could signal a shift in momentum, putting the current uptrend at risk. For now, bulls must maintain control by keeping SOL above $180 while the broader market awaits the Fed’s decision, which could impact risk sentiment and Solana’s next move. Featured image from Dall-E, chart from TradingView
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level. SOL price started a fresh increase after it settled above the $165 level against the US Dollar. The price is now trading above $172 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could continue to rise if it clears the $192 resistance zone. Solana Price Starts Fresh Rally Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels. There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high. Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level. The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level. Another Dip in SOL? If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level. A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $188 and $185. Major Resistance Levels – $192 and $200.
The crypto market is rallying 6.8% following the US presidential elections, which made Bitcoin soar to a new all-time high (ATH). As a result, most of the market saw a green daily close, with Solana (SOL) recording a 15.8% surge in the last 24 hours and regaining a key support level. Related Reading: Shiba Inu (SHIB) Gearing Up For Massive Bullish Wave Following 8% Daily Surge, 110% Rally Ahead? Solana Dethrones BNB As 4th Largest Crypto The result of the US elections gave the crypto market the long-awaited boost many investors and market watchers expected. In the early hours of Wednesday, the largest cryptocurrency by market capitalization surged about 8.6% toward its new ATH of $75,358. This surge, fueled by the victory of pro-crypto Republican candidate Donald Trump and a mostly crypto-friendly Congress over US Vice President Kamala Harris, ignited a bullish rally across the market. Solana followed BTC’s lead and jumped over 15% to turn the $180 level into support. Moreover, the cryptocurrency reached its highest price since July, nearing the $190 resistance level. SOL’s daily activity skyrocketed in the last 24 hours, rising 210% to a $10.7 billion daily trading volume. Meanwhile, the cryptocurrency saw a 14.66% increase in market capitalization, surging to an $88.1 billion market cap. As a result, Solana flipped Binance Coin (BNB)’s $85 billion market cap, dethroning BNB as the fourth largest cryptocurrency by this metric. This performance fueled investors’ bullish sentiment on the cryptocurrency, with some market watchers predicting a bullish wave towards Q1’s highs. Is SOL Getting Ready For $400? Solana was deemed one of the strongest cryptocurrencies during Q3’s market retraces, holding above its breakout levels while most altcoins struggled. Following last night’s performance, crypto Trader Koz called SOL’s chart “one of the absolute best-looking charts out there.” The cryptocurrency’s surge above the $180 mark represents a breakout from an 8-month consolidation range that started after Solana hit its yearly high of $202. Similarly, World of Charts considers SOL as ‘looking more bullish than before.” The analyst noted that the cryptocurrency finally broke above the upper line of a bullish flag pattern after nearly breaking above it in late October. World of Charts suggested that after the successful breakout, a massive bullish wave is around the corner. To the analyst, this wave could ultimately send Solana’s price toward a new ATH of $400. Moreover, crypto analyst Jelle highlighted the breakout, stating that SOL is ready to retest the yearly highs. Related Reading: PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections A reclaim of the $200 mark, not seen since March, could propel the cryptocurrency above its ATH of $260 in the coming weeks. However, it is key that Solana holds the $180 mark to continue its bullish ascend, as a rejection from this zone could see SOL’s price pullback to the $160 support. SOL trades at $186.9, a 4.12% and 27.56% increase in the weekly and monthly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin dominance approached 61% with Solana dominance also primed to touch record high.
In October, the Solana blockchain registered 123 million active addresses. It has grown 42% since September and has risen dramatically from 12.7 million addresses at the start of the year. Latest data shows Solana’s steady rise in the crypto sector. The latest growth is due, in part, to memecoins, which have increased trade and user interest. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival The memecoin craze isn’t the only factor in Solana’s rapid growth. With a total value locked (TVL) of $5.7 billion, the decentralized finance (DeFi) ecosystem made major strides in the third quarter of 2024. With a 26% quarterly increase, Solana became the third-largest DeFi network surpassing Tron. Much of this growth comes from innovative platforms like Kamino. Memecoins Drive Unprecedented Trading Volumes Key to the recent surge in trade on Solana is platforms including Pump.fun, a memecoin generator, and Raydium, a decentralized exchange (DEX). Pump.fun brought in $30.5 million in October; Raydium recorded around $30 billion in trading activity. Particularly those looking for low-cost, high-frequency trades—an area where Solana’s infrastructure shines against more expensive networks like Ethereum—the activity generated by this memecoin has drawn more users to the network. Still, several business leaders are wary. Though memecoins have attracted a lot of attention in Solana, Eden Au, research director at The Block, pointed out that their long-term consequences are yet unknown. Au posits that changing market dynamics and shifting user preferences may impede current progress if fresh utility and attractiveness do not arise beyond memecoins. Solana DeFi Ecosystem Flourishes In addition to the memecoin excitement, Solana’s DeFi network has experienced significant growth. Solana’s DeFi industry, with a substantial $5.7 billion in total value locked (TVL), experienced a 26% growth in Q3, reflecting significant expansion propelled by platforms such as Kamino. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 Renowned for its loan and trading innovations, Kamino implemented new services that captivated consumers and enhanced Solana’s position in the DeFi ecosystem. Integrations like PayPal’s PYUSD have strengthened Solana’s stablecoin ecosystem, making its programmable transfer features more appealing. SOL Price Target & Resistance Level Over the course of the past month, the value of Solana’s native token, SOL, has increased by around 12%. It is currently selling at $162, figures from Coingecko show. Market observers are currently looking at a resistance level of $185. It is possible that the token’s price will increase even further if it is able to break through this barrier; the expected price targets range from $220 to $240. If SOL is able to maintain its consistency and make the most of its current developments, then the next several weeks will be the determining factor. Featured image from MoneyCheck, chart from TradingView
Solana continues to demonstrate its robust stance in the broader blockchain sector following a recent significant increase in on-chain activity, with transaction volumes and user engagement rising massively across its network. Generally, SOL’s market performance may benefit from this substantial growth, which could indicate persistent network scalability and health. On-Chain Transfer Volume On Solana’s Blockchain […]
VanEck’s proposed spot Solana (SOL) exchange-traded fund (ETF) is facing scrutiny due to concerns over wash trading and the nature of on-chain activity. Matthew Sigel, Head of Digital Assets Research at VanEck, published an in-depth analysis on Tuesday, comparing SOL’s metrics with those of Ethereum to provide context and clarity. Solana has been recognized for […]
Solana is trading above a critical demand level of around $157, showing signs of a potential bounce after a recent pullback. This critical level has held firm despite market volatility, and now all eyes are on Solana as it attempts to regain bullish momentum. With the U.S. election unfolding and the Federal Reserve’s interest rate decision just around the corner, this week promises to bring heightened volatility across the crypto market. Related Reading: Bitcoin Open Interest Dropped Significantly – Investors Cautions Amid US Election Week? Top analyst and investor Carl Runefelt has shared a technical analysis indicating that Solana must break above a key resistance level in the coming days to regain a strong uptrend. Runefelt notes that this resistance has kept the price in check, and a breakout likely leads to renewed optimism for SOL investors. However, the risk of further downside remains if Solana fails to secure a position above this critical resistance. As these significant macro events unfold, Solana’s next moves will be closely watched, as breaking resistance could signal a larger rally in the near term. Solana Trading Within Bullish Pattern Solana has been a standout performer in this cycle, showing resilience as it holds above a crucial support level that previously acted as resistance. This pivotal moment could determine Solana’s near-term trajectory as it battles to reclaim bullish momentum. According to top analyst Carl Runefelt, who shared insights on X, Solana faces a critical test at a descending resistance level that has consistently capped its gains. Runefelt’s technical analysis, focused on the 2-hour SOL chart, highlights this resistance around the $164 mark. He suggests a confirmed breakout above this level would likely propel Solana higher, signaling a return to bullish price action. However, there’s potential for sharp price swings this week, with the U.S. election and Federal Reserve interest rate decision creating an environment ripe for uncertainty and market manipulation. These macro events have the potential to significantly impact Solana’s movement, making the resistance break even more critical. Related Reading: Ethereum Risk-To-Reward Ratio Is ‘Too Good To Pass Up’ – Top Analyst Sets $6,000 Target If Solana breaches this resistance and establishes support above $164, it could attract bullish sentiment, pushing the altcoin toward new local highs. However, failure to do so could lead to increased selling pressure and a risk of a retracement, especially if broader market volatility intensifies. As such, the upcoming days will be crucial for Solana’s path forward, with traders and investors closely monitoring this key level. SOL Price Action: Key Levels To Watch Solana (SOL) is trading at $161 after a recent bounce from local lows at $155. This move has established a strong support base of around $155, which has proven crucial in holding off further downside. For bullish momentum to take hold, SOL now needs to clear the $165 resistance level, which would confirm the potential for upward price action. A sustained push above $165 could signal strength and encourage buyers, paving the way for further gains. However, a retracement is likely if SOL fails to break above this critical level. In this scenario, the price could fall back to the subsequent demand zone around $150, which aligns closely with the 200-day moving average (MA). The 200-day MA is a widely observed indicator and often acts as a strong support level in technical analysis, reinforcing the $150 zone as a potential floor. Related Reading: Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect This consolidation phase places SOL in a pivotal position, with price direction largely dependent on its ability to overcome $165. As traders watch closely, this technical setup suggests that SOL’s next move will likely define its short-term trend, with $150 as a key fallback level if the bullish case doesn’t materialize. Featured image from Dall-E, chart from TradingView
Solana trimmed gains and traded below the $172 support zone. SOL price is consolidating and might struggle to recover above the $165 resistance. SOL price started a fresh decline after it struggled near the $175 zone against the US Dollar. The price is now trading below $170 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start a decent upward movement if it stays above the $155 and $150 support levels. Solana Price Extends Losses Solana price struggled to clear the $180 resistance and started a fresh decline like Bitcoin and Ethereum. There was a drop below the $175 and $172 support levels. The bears even pushed the price below $165 and tested the $155 support zone. A low was formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $173 swing high to the $155 low. Solana is now trading below $162 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $160 level. The next major resistance is near the $162 level. There is also a key bearish trend line forming with resistance at $162 on the hourly chart of the SOL/USD pair. The main resistance could be $165 or the 50% Fib retracement level of the downward move from the $173 swing high to the $155 low. A successful close above the $165 resistance level could set the pace for another steady increase. The next key resistance is $172. Any more gains might send the price toward the $180 level. More Losses in SOL? If SOL fails to rise above the $165 resistance, it could continue to move down. Initial support on the downside is near the $155 level. The first major support is near the $150 level. A break below the $150 level might send the price toward the $135 zone. If there is a close below the $135 support, the price could decline toward the $124 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is losing pace in the bearish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $155 and $150. Major Resistance Levels – $162 and $165.
In an analysis shared on X, popular crypto analyst Gum (@0xGumshoe) is projecting that Solana (SOL) could ascend to $500 by the conclusion of this bull run. This bullish forecast hinges heavily on the outcome of the US presidential election, slated for November 5th, and the potential policy changes that could follow. Solana Price Prediction For This Bull Run @0xGumshoe initiated his forecast with a bold declaration: “SOL TO $500. The upcoming US elections will affect SOL more than any other token. Here’s why I’ve changed my price target.” Delving into the potential scenarios, @0xGumshoe examined the implications of both possible election outcomes—whether Kamala Harris secures the presidency or Donald Trump returns to office. Each scenario presents distinct pathways for Solana’s trajectory. Related Reading: Solana Likely To Target $200 ‘If It Holds Current Support’ – What To Expect In the event of a Kamala Harris victory, @0xGumshoe anticipates a mixed impact on Solana. He noted, “BTC and SOL have outperformed during Biden/Harris,” pointing especially to the performance of the past year under the current administration. The approval of the spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs) during the Biden/Harris tenure is highlighted by the analyst as a positive factor that could continue to benefit Solana. Additionally, Harris’s supposed commitment to a “less aggressive stance towards crypto” regulation suggests a more favorable environment for the growth of Solana. However, @0xGumshoe also cautioned about potential challenges under a Harris administration. He remarked, “Less regulatory clarity” and a potential new term for SEC Chair Gary Gensler could complicate things for Solana. Furthermore, the possibility of a spot Solana ETF facing rejection and an increase in Bitcoin dominance might overshadow altcoins. Conversely, @0xGumshoe presented a more bullish outlook if Donald Trump wins the election. He asserted, “A Trump win will send Solana to ATHs as the market realizes a SOL ETF will be coming.” The analyst emphasized that unlike Bitcoin and Ethereum, Grayscale is unlikely to offload significant amounts of Solana, which could help sustain its price. Additionally, the analyst points to the possibility of establishing a Bitcoin Strategic Reserve and the departure of SEC Chair Gary Gensler as bullish catalysts for SOL. Related Reading: Solana Q3 Digest: Total Value Locked Hits $5.7 Billion, Ranks Third Among Networks However, a Trump victory could also have downsides. @0xGumshoe acknowledged that “higher inflation could eventually end the cycle like in 2021.” Furthermore, he noted Trump’s inherent volatility, stating that the former president “may not do what he promised,” which introduces an element of unpredictability to the projections. In light of these scenarios, @0xGumshoe revised his selling targets for Solana. Previously advocating for a $300 sell target, he now contemplates a higher threshold of $500, contingent upon a Trump win and an increase in macro liquidity. He explained, “If we pair up a Trump win and increase macro liquidity, I will instead sell over time for as long as I believe we hit $500.” The rationale behind the $500 price target is anchored in Solana’s fully diluted valuation (FDV). @0xGumshoe articulated, “At that price, Solana would have a $291B FDV which would put it at the current ETH market cap.” He views this valuation as a significant benchmark, suggesting that Solana’s price could approach Ethereum’s market capitalization unless there is a substantial influx of investments through ETFs, which could propel the token beyond this threshold. Under the Harris administration, @0xGumshoe’s price target for Solana remains at $300. @0xGumshoe concluded his analysis by advising caution, stating, “The elections alone are not enough to predict tops for Solana so take this with a grain of salt. Whatever happens, it is quite obvious that SOL will go far higher with Trump than Harris.” At press time, SOL traded at $161. Featured image from Coinbase, chart from TradingView.com
Solana continues to prove that it’s one of the top blockchains for this cycle. After its rally, which gained 35% over the past 60 days, the popular Layer 1 blockchain is back in the news with more on-chain activities. According to recent data, Solana’s DeFi Total Value Locked or TVL increased to $5.7 billion in the third quarter, reflecting a 26% improvement from the previous quarter. Related Reading: Will Bitcoin Hit $176K? Anthony Scaramucci Lays Out His High-Stakes Forecast Kamino, a crypto lending service, leads the count with $1.5 billion in TVL and an impressive 7% Quarter-on-Quarter growth, helped by jupSOL and PYUSD additions. Recent data also suggests that Solana’s market cap is now $3.8 billion, an improvement of 23%, boosted by the integration of PayPal’s PYUSD. DeFI Continues To Drive Growth For Solana Solana DeFi tops the chain’s activities with a total locked value, worth $5.7 billion. This latest SOL data reflects a solid 26% growth QoQ, pushing the blockchain to become third largest in this metric, surpassing Tron. In a Messari report, Solana’s TVL increased due to increased activities for Kamino, which accounted for $1.5 billion of the total contracts locked. Kamino’s recent quarterly figure represents a 57% rise, thanks to the recent integration of jupSOL and PYUSD. Aside from Kamino Finance, Solana’s blockchain featured locked assets for Raydium, with $1.1 billion, and Jupiter, with $749 million. Kamino Finance’s impressive performance is linked to its Kamino Lend V2 launch, offering a permissionless vault and market layer. Analysts expect Kamino Finance to continue its dominance by adding new projects like the Spot Leverage and Lending Orderbook. Solana DEX Shows Signs Of Slowing Down Solana’s DEX activity was down 10% QoQ but rebounded a bit by October. The average daily volume on the blockchain’s exchange hit $1.7 billion, largely because of a fall in meme coins. Raydium retains its dominance on Solana’s DEX, with a 51% market share, although its daily average volume dipped by 13% to $852 million. The volume increased by $350 million with the release of Moonshot, a crypto mobile trading app. Jupiter also stayed at the top, cornering 43% of the total spot exchange volume. Recent developments, including the release of Jupiter Mobile and the integration of Google Pay and Apple Pay, helped the platform. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? SOL’s Stablecoins Get Help From PYUSD In the same Messari report, PayPal’s PYUSD lifts SOL’s stablecoin market. The PYUSD was launched in May in Solana, which is mainly instrumental in its market cap growth, which now stands at $3.8 billion. With exciting features like programmable transfers and transfer hooks, PayPal’s PYUSD became instantly popular. Aside from PYUSD, USDC also contributes to Solana’s stablecoins market. Circle’s integration of Web 3.0 services for SOL provides enterprise functionality features like fee sponsorship and programmable wallets, allowing developers to integrate multi-chain solutions quickly. Featured image from StormGain, chart from TradingView
Solana (SOL) is currently trading at a crucial demand level near $163, following a retrace from local highs around $183. This price is a critical support area that could determine the direction of SOL’s upcoming price action. Losing this level could signal a deeper correction, which would intensify selling pressure and potentially push SOL to retest lower support levels. However, top analyst Daan shared a technical analysis suggesting that if SOL can hold this “green zone” around $160, it could pave the way for a rebound. Daan notes that in the most optimistic scenario, SOL could hold this support and start a gradual climb, ultimately aiming to test the downtrend line that has kept it in check. This setup would keep SOL’s bullish structure intact, creating a potential entry point for investors eyeing a bounce. Related Reading: Bitcoin On-Chain Indicator Signals Panic Selling At Current Levels – Time To HODL? With the broader crypto market showing volatility and Solana facing this pivotal level, the next few days will be crucial. Traders and investors are closely watching to see if this demand zone can support a reversal, potentially leading SOL back toward recent highs. Solana Holding Strong Despite Uncertainty Solana (SOL) has managed to hold above the key support level around $160, despite the recent market volatility and uncertainty. This level is crucial for SOL’s price structure, as it’s a strong demand zone that could act as a foundation for the next upward move. Crypto analyst Daan recently shared his perspective on X, revealing that SOL’s “most bullish case” would be for it to hold this “green zone” around $160, allowing it to gradually grind back up toward the descending trendline that has capped recent gains. In Daan’s view, the next attempt at this trendline could likely result in a successful breakout, with the potential to push SOL’s price above $200. He suggests that waiting for confirmation of this breakout could be a sound strategy for cautious investors, as there is still ample room for upside even after a confirmed reversal. His analysis highlights a confident outlook on SOL’s potential recovery, seeing this accumulation zone as a promising buying opportunity. However, Daan also acknowledges that there’s still a degree of downside risk. If SOL fails to hold above this $160 level, a deeper correction could follow, potentially driving SOL to test lower support levels. Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? For now, the market will watch this support level closely as a critical indicator of SOL’s short-term trend. Holding above it would signal strength and open the door for a potential rally, while a breakdown could lead to a more extended bearish phase. As the overall market sentiment remains mixed, Solana’s next moves will be critical for traders and investors alike. SOL Price Action Solana is currently trading at $163 after tagging the 4-hour 200 exponential moving average (EMA), a critical indicator of short-term strength. Holding above this EMA signals a bullish outlook for SOL, suggesting that buyers are stepping in to support the price at this level. If SOL can maintain momentum above the 200 EMA, it could build a foundation for a potential rally to new local highs, possibly challenging the recent peak around $183. However, the $160 level remains a crucial support area. Losing this support would likely trigger significant selling pressure, potentially driving SOL down to the $150 range, where further demand may emerge. This zone would be closely watched by investors looking for potential accumulation opportunities, as a dip could provide favorable entry points for long-term holders. Related Reading: Bitcoin Open Interest Reduced By $2.1 Billion In 24 Hours – Time For Spot To Push The Price? In contrast, a strong push above the current demand level would confirm renewed bullish momentum, paving the way for SOL to target and possibly surpass recent highs. As SOL hovers around this key technical zone, traders will be watching for any decisive movement that could signal the next direction, whether it be a continued uptrend or a retracement to lower demand levels. Featured image from Dall-E, chart from TradingView
Solana (SOL) is trading around a crucial demand level at $165, following a pullback from recent highs of $183. This level is pivotal for SOL, as losing it could trigger a deeper correction, putting the altcoin at risk of further downside. However, prominent analyst Carl Runefelt has shared technical analysis indicating that Solana may be primed for a brief correction before staging a rally to retest local highs. Related Reading: Bitcoin Open Interest Reduced By $2.1 Billion In 24 Hours – Time For Spot To Push The Price? Runefelt’s analysis highlights signs of renewed strength for SOL, suggesting that the altcoin is preparing for a move that could challenge recent highs within the next few days. This bullish setup depends heavily on Solana maintaining support at $165, which could act as a launchpad for further upward momentum. As the crypto market closely watches Bitcoin’s bid for a new all-time high, Solana investors are bracing for potential volatility. In this uncertain landscape, Solana remains a focal point for investors who see an opportunity if support holds steady. Solana Holding Key Demand Level Solana (SOL) has emerged as one of the stronger-performing altcoins this cycle, drawing significant attention as it tests a key demand level that could drive it toward new highs. Prominent analyst and investor Carl Runefelt recently shared a technical analysis on X, indicating that SOL may briefly dip to around $160 before staging a push to retest its recent high at $180. According to Runefelt, this $160 level represents a critical support zone for Solana, as holding above it is essential to sustain the altcoin’s bullish momentum and confirm its ongoing uptrend. Runefelt’s analysis emphasizes the importance of this support level in fueling Solana’s potential for gains, suggesting that it could serve as a springboard for a substantial rally. If SOL successfully holds above $160, a surge to test local highs would not only reinforce confidence among investors but also set the stage for Solana to push into new territory if broader market conditions remain favorable. The coming week could prove pivotal for SOL as the market braces for heightened volatility with the US election on the horizon (Nov 5) and Bitcoin nearing its all-time high. Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 – Best Chance To Accumulate ETH? As investors monitor macro events and Bitcoin’s movements closely, Solana’s technical setup around $160 will be a focal point for those seeking to capitalize on the altcoin’s potential gains. If Solana maintains its bullish structure, it could play a key role in leading the altcoin market forward in this cycle. SOL Technical Levels To Watch Solana is trading at $166 after a slight rebound from the $163 level, maintaining a strong position above the critical $160 support zone. This level has proven to be a vital threshold for SOL, as a sustained hold here could set the stage for a rally toward higher resistance levels. If buyers successfully defend $160, it may serve as the foundation for a climb to $183 and potentially beyond, with higher supply zones likely to be tested. Related Reading: Bitcoin Consolidates Near ATH – Volume Suggests A Big Move Ahead Analysts are watching this level closely, as it could either reinforce SOL’s bullish structure or signal the need for further consolidation. A breakdown below $160, however, would likely lead to a deeper correction, prompting traders to recalibrate their expectations as Solana seeks lower support levels. The next few days will be crucial as the market evaluates SOL’s strength at $160 and prepares for potential moves to new highs. Featured image from Dall-E, chart from TradingView
After recovering from the market retrace, SUI is trying to reclaim the $2 mark and break out from a bullish pattern. Some market watchers suggested the cryptocurrency will pull some “big moves” toward a new all-time high (ATH). Related Reading: Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming? SUI Recovers From Halloween’s Correction As October ended, the crypto market saw a spooky correction led by Bitcoin’s drop below the $70,000 mark. Most cryptocurrencies experienced a significant retrace, with Ethereum and Solana bleeding around 5%. SUI, the native token of the Sui Network, joined the rest of the market and declined by 4%, losing its recently recovered $2 support. The cryptocurrency has been one of the best-performing tokens in the past few months, outperforming most of the market during Q3. Moreover, it recorded a 25% rise toward its latest $2.35 ATH two weeks ago. Following its rally to its ATH, SUI’s price faced an 18.5% correction, making investors and analysts forecast a longer consolidation time for the token. Earlier this week, the token followed BTC’s surge and eyed the $2.15 zone, which previously propelled the price toward its latest ATH. Nonetheless, the token reached the lower levels of the $1.90 support zone on Friday morning amid the market retrace. Today, SUI surged 9.3% from its $1.92 daily low to hit the $2.10 mark before retracing to $2.07. Some analysts consider the cryptocurrency is gearing up to “put in a big move” following the correction. Is A Retest Of The $2.35 ATH Looming? Analyst AMCrypto pointed out that SUI’s recent performance could target a breakout from a bull flag formation. Per the chart, the cryptocurrency displays this bullish pattern in the three-day chart, with the breakout target sitting at $2.05. The analyst stated that if SUI successfully breaks above the upper trendline, “it’ll pump towards its previous ATH.” Meanwhile, crypto analyst Altcoin Sherpa proposed two short-term outcomes for the token. Sherpa considers the cryptocurrency will test the ATH zone and pull back to the current levels at least once more in the coming weeks. He indicated the price could drop to $1.65 if it fails to hold the $2 support. However, it could also bounce from this level after the retrace and rally toward a new ATH of around $2.7 by year-end. Sherpa previously suggested that tokens with a strong September performance still have “a bit more pullback to go” with “plenty of bounces” before resuming their run. Related Reading: Analyst Says It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests $2,700 Most of the market will experience volatility in the coming days as speculation and anticipation build up for the outcome of the US presidential elections, scheduled for next week. Analyst Michaël van de Poppe noted that most altcoins, including SUI, were in a correction period and explained how its retest of the $1.90-$2 support is “crucial for further upward momentum.” As of this writing, SUI is trading at $2.05, a 3.5% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
XYO’s native token is now tradable against tokens, including SOL and USDC, on Solana-native decentralized exchanges Jupiter and Raydium.
Institutional investments in Solana-based applications surged to $173 million in Q3 2024, marking a significant increase, according to a Messari report.
Solana is one of the top networks, commanding a market cap of over $81 billion, according to CoinMarketCap data. Even as crypto prices rise and sentiment improves, SOL has struggled for momentum. Solana Retraces: Will Prices Break $200? Over the past week of trading, market data shows that SOL is stable, posting a 3% dip […]