Solana opened this month on high momentum, consistently posting
notable gains over the past few days. SOL scored a weekly high of
$45.36 on November 1 before receding. But after a brief decline to
the $40 price level, the bulls have regained momentum, intent on
pushing closer to $50 this time. But it remains to see if SOL bulls
have enough momentum to rally that high. SOL Bucks All Odds As It
Vies For Higher Highs Despite the high volatility in the altcoin
market, Solana (SOL) has refused to back down. The Ethereum killer
has continued its uptrend in the past two weeks, making it one of
the top-gaining cryptocurrencies today. SOL graces the top gainers’
list as the fifth-highest gainer in today’s trading session. Solana
is trading at $43.23, with over 3% price increase in the last 24
hours. Related Reading: Defensive Moves: XRP Bulls Firmly Shield
$0.66 Before Ripple Swell 2023 Solana Bulls have continued to fight
off significant sell pressure caused by FTX-related
transfers. The crypto exchange is selling millions of crypto
assets to pay its debts to customers as it seeks a fresh start.
Reports revealed that the court approved FTX to sell $3 billion
worth of crypto assets frozen on the exchange since last year.
On-chain data from Spot On Chain shows that the defunct crypto
exchange FTX owns millions of SOL coins. According to Spot on
Chain’s latest updates, FTX and Alameda have transferred
approximately $223 million worth of Solana coins to
exchanges. However, these large inflows of Solana in the
market didn’t cause a decline. Instead, SOL’s price entered a
rising channel, initiating an uptrend. The most significant upturn
was when the crypto breached the critical resistance at $22 in
mid-October. SOL has been unstoppable since then, crossing the $30
price mark and rising above $40, a position it has maintained in
the last few days. Solana’s price is now over 86% higher than its
past month’s value, with a 9.70% seven-day price increase,
according to CoinMarketCap data. SOL Market Outlook As It Flips
Over A Multi-month Trendline As depicted on the chart below,
SOL has broken from a multi-month trendline channel, flipping a
significant resistance level at $27.58 to support. The $27
price level is the new trendline pivot as it forms a new channel.
If SOL manages to remain above the $42 price level, given the
ongoing bullish momentum, the next target price is $46.83.
Maintaining this level could facilitate more rallies to $50 in the
coming days. But buyers have to apply more pressure to remain in
control. However, if the bears fail to maintain the $42 price, SOL
could decline to $39 and subsequently to $31.43 if the bears mount
more pressure. Meanwhile, SOL continues to live up to its alias,
the Ethereum Killer. An update from on-chain data provider Kaiko
shows that SOL has outperformed Ethereum since September. Related
Reading: Market Makers Bet Big On Bitcoin Price Surge: Expert The
increase in the SOL/ETH ratio since September confirms this
assumption. The SOL/ETH ratio has climbed from 0.011 to nearly
0.025 and is now back to the pre-FTX collapse levels. Featured
image from Shutterstock and chart from TradingView.com
Gráfico Histórico do Ativo
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De Nov 2022 até Nov 2023
