Price Analysis

What Will Be Solana (SOL) Price’s Next Move? Technicals Are Bearish Yet Pattern’s Bullish!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Nov 10, 2021

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Highlights

    Solana price after a notable rally is experiencing a little drain as the price is moving towards the south

    Yet the asset still appears to be pretty sure of the upcoming bullish trend and hit more highs in the coming days

Solana price since the early trading hours is experiencing a slight drain after recording new highs close to $260. On the other hand, Bitcoin price and Ethereum price are also facing a similar trend. No doubt the entire crypto space including the top 10 crypto assets are experiencing a similar trend, yet SOL price may wind up consolidating very soon. 

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The asset rallied notably by more than 60% in the last 30 days and attained the highest levels ever. However, since the past couple of days, the asset has declined nearly 10% and is trading close to $240. Yet the price could gain huge momentum in order to charge above the ATH with the recent surge, the price has formed a bullish flag. 

Also Read: Attention‌ ‌Traders‌ ‌Crypto‌ ‌Is‌ ‌All‌ ‌Set‌ ‌to‌ ‌Create‌ ‌Millionaires,‌ ‌Any‌ ‌Time‌ ‌From‌ ‌Now!‌ ‌

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Source: Tradingview

Currently, the price is consolidating within a bullish flag, however, feared to break the lower levels than breaking above. Therefore, if the pattern needs to be validated, then the price should bounce a little from the current zones. As the asset breaks out from the pattern, a huge leg up may propel the price close to $300. Else in the worst case, if the price dumps and invalidates the pattern, yet could rebound from the strong support levels at $212. 

Collectively, Solana price has just slipped out of the top 5 positions as Cardano price has geared up a little. However, with a notable jump, SOL price may regain bullish momentum and regain the ATH spot at the earliest. 

Also Read: Avalanche, Polygon, and Axie Infinity To Dethrone These Three Altcoins From Top 10!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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