- Solana (SOL) achieved a 22% gain last month, with a notable breakout of a double-bottom pattern, reaching $180.
- An analyst, Crypto General, highlighted a positive chart structure and projected a bold target crossing the $200 mark.
- The open interest (OI)-weighted funding rate has remained positive for three weeks, reflecting strong demand for long contracts.
After a strong October that saw Solana price (SOL) achieve impressive double-digit gains, analysts are optimistic about the potential for further growth in November.
Last month, the Solana price surged by 22%, marking a breakout of a double-bottom pattern and reaching $180. However, the momentum stalled, and this week the price retraced toward the 20-day EMA.
Currently, Solana crypto price is retesting the breakout level around $160 and is poised for another upward move. Daily charts reveal a pattern of higher highs and higher lows within a rising parallel channel. The short-term bullish trend remains intact.
Analysts believe SOL could soon target the $200 mark. However, with the ongoing volatility in the cryptocurrency market, many are questioning whether now is a good time to invest in this altcoin. Continue reading to find out.
Analysts Predict Bullish Advancement Possibilities on Solana Price
Despite a weekly price retracement of over 10%, Solana continues to show bullish signals. Various analysts have expressed optimism about its future.
Analyst DaanCrypto recently tweeted about Solana crypto price, noting that the price has retested the support zone marked by the green line around $160.
On the weekly chart, a declining trendline is observed around the $175 and $180 levels. If Solana price can break through this resistance cluster decisively, a rise toward $200 is likely in the coming sessions. This is suggesting ample opportunity for further bullish momentum.
$SOL Most bullish case it holds on to this green zone around $160 and starts grinding back up to that downtrend line.
— Daan Crypto Trades (@DaanCrypto) November 2, 2024
Likely to see the next attempt be a succesful breakout & run to $200+.
It's fine to wait for confirmation. Still plenty of room for upside after that. pic.twitter.com/1VKs2BaYb0
Similarly, in response to the bullish sentiment from late October, analyst Crypto General stated that Solana’s chart structure appears promising and is progressing as he had anticipated.
He suggested that a substantial price increase could be on the horizon, with Solana potentially reaching a bold target of $290. He expressed confidence that SOL has been rising in tandem with Bitcoin, while also demonstrating resilience during Bitcoin’s occasional pullbacks.
$SOL is moving as planned, price is pumping post a retest
— Crypto General 🦄 (@DaCryptoGeneral) October 28, 2024
Sol is showing great strength from the past few weeks, defying the $BTC dumps but pumping along with BTC pumping
No doubt it is one of my favourite coin for this season and I am targeting a minimum of $290 in the… pic.twitter.com/0RwwymSZ1X
This behavior, according to Crypto General, highlights Solana’s potential to carve out its own path, reinforcing a positive outlook for the altcoin.
SOL Price Analysis: Where its Headed on Daily Chart?
Daily analysis of SOL shows a bullish outlook. Currently, the price of Solana is at $163.21, reflecting an intraday increase of more than 0.50%.
The cryptocurrency has a market capitalization of $76.82 Billion and a total supply of 587.82 million tokens.
The price movement indicates that buyers are accumulating, and there has been subsequent upward activity.
If the Solana price successfully bounces off the $160 support level, we could see a bullish momentum pushing it toward the $200 mark.
The Average Directional Index (ADX) stood at approximately 18, indicating a neutral market sentiment with no signs of strong buying or selling activity.
Meanwhile, the Chaikin Money Flow (CMF) was above the zero line at 0.05, suggesting that there was considerable liquidity flowing into the market.
According to data from Artemis, the number of active addresses remained steady at around 5.7 million. A slight decline was observed over the past week, indicating a waning interest from new addresses.
The Solana (SOL) price was trading above the 50% level on the Fibonacci retracement scale, approaching support near the 61.8% zone.
If it closes above the $175 mark on a daily basis, it would open the door for bulls to target the $200 level next.
Futures Market Data Indicates Bullish Outlook
In the past three weeks, the OI-weighted funding rate has remained positive, indicating increased demand for long contracts.
At the time of reporting, the funding rate stood at 0.0082%, reflecting a bullish sentiment. The key support levels for SOL are at $150 and $142, while resistance levels are identified at $175 and $180.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
