Market Analysis

SOLANA PRICE ANALYSIS & PREDICTION (November 24) – SOL Bounces Back Amid Latest Surge, Gains 8% Today

Most top altcoins have retraced briefly in the past few days due to a slight drop in the global market cap. Solana looks a bit strong today following a resurge from $51. The price is up 8% in the last 24 hours. 

Last week, Sol lost steam and corrected briefly after witnessing a huge price movement to the peak of $68.2. This action was triggered by a sharp rejection and the price went down by almost 20% in a week. 

Despite that, the asset remains strong on the weekly chart as it regained strength above the $51 level earlier today. Meanwhile, this level served as a solid support during the recent correctional phase. A drop below this support could activate another drop in the upcoming days. 

While anticipating, it is essential to note that the trend is still in favour of the bulls in the mid-term. A further push above the $60 level could put the bulls back on track on the daily chart. 

If such a setup comes into play, Sol may suspend correction until it encounters strong resistance. But with the looks of things, Sol is likely to post more losses in the next few days. 

The recently broken ascending channel would be the area to watch for a retest if a broader correction occurs.

SOL’s Key Level To Watch

Source: TradingView

Should SOL manage to push above the $60 level the closest resistance for a retest would be $62. After that, the $65 and $68.30 levels are resistance areas to watch for higher price movement.

A drop from the current trading level could slip the price back to $51.30 – held as the current weekly low. Cracking this low could send the token to $48.3 and $44.83. A broader correction from there could tank the price to $38.

Key Resistance Levels: $62, $65, $68

Key Support Levels: $51.30, $48.31, $44.83

  • Spot Price: $58.3
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: kviztln/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *