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Solana (SOL) has more than doubled in value since the beginning of October 2023, rising from $24.50 to a high of $63.97.

The current price of SOL stands at $57, and for now, bulls continue to control the price movement. This positive trend is supported by Bitcoin’s ascent beyond $37,000 and its ambitious aim to reach $40,000 in the upcoming days.

Solana’s standout performance adds a notable dimension to the current positive sentiment prevailing in the cryptocurrency space but investors should also keep in mind that investing in SOL involves a significant degree of unpredictability and substantial risk. But where is the price of Solana (SOL) going next, and what can we expect from the rest of November 2023?

Today, Crypto Lists will discuss SOL price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Solana (SOL) has shown excellent performance recently

Solana is one the best performing blockchains in the world that is designed to keep fees low for applications with billions of users. The usual cost for each transaction hovers around $0.00025 and according to its official website, Solana boasts the ability to execute 50,000 transactions per second. Solana employs a distinctive consensus mechanism known as “Proof of History” (PoH), enabling it to effectively manage growing transaction volumes without compromising on performance.

Like Ethereum, Solana supports smart contracts, empowering developers to construct decentralized applications (DApps) and implement tailored programmable logic on the blockchain. Various applications within the Solana ecosystem have experienced expansion, encompassing decentralized exchanges, stablecoins, NFT (non-fungible token) platforms, and more.

Among the well-known projects on Solana are Serum (a decentralized exchange), Raydium (an automated market maker), and Mango Markets (a decentralized trading platform). SOL is the native utility token of the Solana network, and it is used for staking, transaction fees, participating in governance decisions, and as an incentive for validators who maintain the network.

Not long ago, SOL was trading below $18 ( September 2023), but since then, the price of Solana (SOL) has been advancing. In the last 30 days, the value of SOL has increased by 180%, rising as high as $63.97 on November 11. This positive trend is supported by Bitcoin’s ascent beyond $37,000 but some analysts also say that the huge increase in the price of SOL can also be ascribed to the significant advancement of BlackRock’s application for an Ethereum exchange-traded fund (ETF).

At the same time, the SEC is currently in a tight window to make a decision on whether or not they will approve a spot Bitcoin ETF. There’s the possibility of more delays, of course, but the market is very optimistic. The SEC approval of such ETFs would significantly boost demand for Bitcoin, which will positively influence the price of Bitcoin and many other cryptocurrencies. Positive movements in Bitcoin often lead to increased investor confidence, and when Bitcoin experiences significant price movements, it tends to impact the value of many other cryptocurrencies, including Solana (SOL).

Rating: 9.4/10
Supply: 307,782,016 / 511,216,000
Release date: April 10, 2019

Description: Discover SOL and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Analysts say Solana (SOL) may have passed its worst period

It’s also noteworthy to highlight that Solana showcased resilience amid uncertainties surrounding FTX Group, a significant holder of SOL tokens currently grappling with financial turbulence. Many crypto analysts say that the Solana (SOL) may have passed its worst period and if the current trend continues, SOL could easily advance above $70, especially if Bitcoin and other major cryptocurrencies show positive developments in the days ahead.

According to on-chain data from DefiLlama, decentralized exchanges on the Solana blockchain have achieved a trading volume surpassing $2 billion in the initial 12 days of this month, indicating the potential for a record-breaking month. Additionally, the total value of assets locked on the network has exceeded $500 million as of the current press time. Jacob Canfield, a prominent figure in the cryptocurrency trading sphere, has offered an analysis articulating his confidence in the sustained upward momentum of the Solana price surge. Canfield conveyed his belief that Solana is positioned to uphold its status as one of the most influential entities in the current bull market cycle. Jacob Canfield said:

“I think that Solana is going to continue to be one of the biggest movers during this current bull market cycle and I’m going to lay out some ideas for you. Solana could triple or quadruple it’s all time high market dominance around 12-15% and if it continues to trend against Bitcoin, could easily see a $1,000 per coin and take the #2 spot behind Bitcoin. They also have partnerships with Google & Circle & Amazon, so there is a lot of potential adoption that may happen this time around.”

In my opinion, Jacob Canfield is too optimistic and investors should keep in mind that SOL is very volatile, and while positive developments can trigger substantial price increases, they also carry potential risks. SOL is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. At the same time, the macroeconomic landscape remains uncertain; major central banks continue aggressively fighting inflation by raising interest rates, and risk-on assets such as cryptocurrencies could suffer again in such conditions.

Technical analysis for Solana (SOL)

Solana (SOL) has advanced from $21.91 to $63.97 since October 12, 2023, and the current price stands at $57.70. Despite the minor correction, bulls continue to control the price movement and as long the price of SOL is above $50, this crypto remains in the BUY-ZONE.

Technical analysis for Solana (SOL)

Important support & resistance levels for Solana (SOL)

Important support & resistance levels for Solana (SOL)

On this chart (the period from May 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of SOL for now, and if the price advances above $65, the next target could be resistance that stands at $70. The important support level is $50, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $45. If the price drops below $40, which also represents strong support, the next target could be located around $35.

What speaks for the rise in the Solana (SOL) price

The important reason for SOL’s current price surge is that it has been following the growth of Bitcoin, just like the rest of the cryptocurrency market. For the bulls to remain the control of price movement, a move above $65 would be beneficial. Based on on-chain data sourced from DefiLlama, decentralized exchanges on the Solana blockchain have recorded a trading volume exceeding $2 billion within the first 12 days of this month, signaling the prospect of setting a new monthly record. Traders should also consider that if the price of Bitcoin jumps again above $40000, we can see this cryptocurrency at a higher price level than the current price.

What indicates the downfall of Solana (SOL)

The downfall of Solana (SOL) can be influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, macroeconomic trends, and more. SOL whales increased their activity over the past several weeks, which demonstrates renewed interest and confidence in SOL, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks.

SOL is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The important support level for SOL stands at $50, and if the price falls below this level, the next target could be $45 or even strong support at $40.

What do analysts and experts say

SOL is outperfotming Bitcoin and the rest of the cryptocurrency market and in the last 30 days, the value of SOL has increased by 180%. There is growing optimism in the cryptocurrency community regarding the SEC potentially approving Bitcoin ETF applications and many analysts say that it is looking increasingly likely that a Bitcoin ETF will be approved by early 2024 which should be also positive for SOL.

Numerous cryptocurrency analysts suggest that Solana (SOL) may have navigated through its most challenging phase, and if the existing trend persists, there is a likelihood that SOL could surpass $70 by the end of November 2023. In the upcoming weeks, the price of SOL will continue to be notably impacted by the actions taken by the U.S. Securities and Exchange Commission (SEC), uncertainties surrounding FTX Group as well as concerns about a potential economic downturn, increasing tensions in the Middle East, and the proactive monetary strategies of leading central banks.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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