Following a notable October that saw Solana (SOL) achieve double-digit gains, analysts are considering the potential for further growth in November.
Currently priced at $166, Solana has risen 22% over the past month. This upward momentum has led some analysts to project that Solana could reach $290 in the coming weeks.
Crypto analyst “Crypto General” on X (formerly Twitter) highlights Solana’s stability, especially in contrast to Bitcoin (BTC) volatility.
SOL has moved up alongside BTC gains but has shown resilience against BTC’s occasional downturns. This pattern, according to Crypto General, indicates a positive outlook for Solana. “SOL is showing strong performance, and I’m targeting at least $290 this season,” the analyst commented.
Another indicator that supports this favorable outlook is Solana’s Sharpe ratio, which measures risk-adjusted returns.
Diverging Opinions: Some Analysts Are Cautious
While some analysts see room for more upside, others are cautious about Solana’s immediate trajectory. Analyst Benjamin Cowen suggests that the SOL/BTC trading pair, which has favored Solana recently, might lose momentum in the final months of 2024.
Cowen anticipates that SOL/BTC may dip in November and December, possibly rebounding in early 2025. This view presents a contrasting perspective to the more bullish sentiment around Solana’s USD performance.
The divergence in views highlights the uncertainty surrounding Solana’s price in the short term, with broader market factors likely influencing the token’s movements.
Although the recent positive funding rate, an indicator of trader sentiment, suggests that more investors are betting on SOL’s price to rise, these conflicting opinions underscore the potential for volatility.
Solana Price Prediction: Funding Rates and Support Levels
Solana’s recent trading activity also points to high interest from both institutional and retail investors. According to data from Santiment, Solana’s funding rate remains positive, indicating a bullish bias among traders who are taking long positions.
When funding rates are positive, it generally implies that traders are expecting prices to increase, as buyers are willing to pay a premium for long positions.
Key Support and Resistance Levels:
Support Levels: $157.78, $153.73, $149.32
Resistance Levels: $161.77, $166.86 (50-day EMA), $171.28
Solana’s path forward depends heavily on its ability to break through the 50-day Exponential Moving Average at $166.86, which currently acts as a resistance level. The Relative Strength Index (RSI) is at 35.52, suggesting oversold conditions, yet the broader downward channel could continue to cap gains in the near term.
In summary, while some analysts are optimistic about Solana reaching $290, others advise caution.
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The post Will Solana Hit $290 in November? Analysts Predict Bullish Surge for SOL appeared first on Cryptonews.
