3 weeks ago
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Over the past seven months, the Solana price has traded sideways, struggling to sustain above the $200 psychological level. While the consolidation has created uncertain market sentiment with a lack of initiation from buyers, the Q4 period could be a game changer. Amid the upcoming U.S. election result and recovery in on-chain data, the SOL coin is positioned well for a rally past $200 in November.
Can Solana Price Hit $200 by November? Key Indicators to Watch
In the last two months, the Solana price prediction showcased a significant recovery from $120 to $183, registering a 52.8% rally. An analysis of daily charts shows this recovery as buyers attempt a 7-month consolidation with the bull-pennant pattern.
This pattern is characterized by a long pole representing the dominating trend and a short counter trend move by two downsloping trendlines. Typically, this consolidation also bulls to replenish the exhausted bullish momentum before offering a decisive breakout.
However, the crypto market witnessed a pre-election pullback, pushing the SOL price to $166 and the market cap to $78.38 Billion. The current reversal could witness suitable support at a recently breached resistance of $160, coinciding close with the 50-day EMA.
If the support holds, the buyers could rechallenge the pennant resistance at $180 and signal the continuation of the prevailing uptrend. If a breakout occurs in the first half of November, the Solana price could rally past $200 by month’s end.
SOL Network Sees Robust Growth with TVL and New User Surge
According to DefiLlama data, SOL’s Total Value Locked (TVL) has recorded a notable recovery from $4.77 million to $7.24 million— a 54% increase— within six weeks. A rising TVL suggests that more capital is being staked or utilized in Solana-based decentralized applications, indicating robust network health and potential for further price appreciation.
In addition, the number of new addresses in Solana recorded a sharp rise from 3 Million to 5.9 Million in October, accounting for a 96% surge. The significant rise in new addresses suggests that more users are exploring and participating in Solana’s decentralized applications and services.
This trend supports the narrative of a rapidly expanding network, which also drives the demand pressure for its native cryptocurrency.
However, this metric shows a short cool-off as Solana price reverts lower to regain momentum.
Having said the SOL price breakdown below $160 could intensify the selling momentum and prolong the current sideways trend.
Frequently Asked Questions (FAQs)
The Solana price breakout from the bull-flag pattern and sustained support at the $160 level, coinciding with the 50-day EMA, could drive a recovery past $200 if buyers maintain momentum.
Solana has traded sideways for the past seven months, struggling to stay above the $200 psychological level
If Solana's price breaks below the $160 support level, it could intensify selling pressure and prolong the current sideways trend
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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