Cryptocurrency

Solana

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 <p class="paragraph">Solana (SOL) has been experiencing a significant rally over the previous month and has, by November 2, reached its new yearly high of approximately $44. The trend follows the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> movements seen across the broader crypto market and is perhaps best illustrated by Bitcoin’s (BTC) year-to-date increase of 112%.</p>
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 <p class="paragraph">Despite the onslaught of positive news, cryptocurrencies including Bitcoin have been hovering around their recently reached highs and experiencing multiple corrections near said points.&nbsp;</p>
 <p class="paragraph">As for Solana, a crucial indicator called the TD Sequential hints that it may be in for an imminent price correction.&nbsp;</p>
 <p class="paragraph">TD Sequential is a technical analysis (TA) tool created by Tom DeMark, a market analyst, designed to detect points where a price is likely to change directions by analyzing price reversals and continuing patterns.</p>
 <h2 class="wp-block-heading" id="h-td-sequential-signals-it-may-be-time-to-short-solana">TD Sequential signals it may be time to short Solana</h2>
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 <p class="paragraph">Late on November 1, the prominent cryptocurrency trading analyst Ali Martinex took to X to warn that TD Sequential, a technical analysis tool, is hinting that Solana may experience a price correction very soon.</p>
 <p class="paragraph">Martinez pointed out that should SOL breach its support level of $39.70, it might drop as low as $37.97. The sell signal indicated by TD Sequential hints that it may be a good time to short Solana to take advantage of the possible <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a>.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/kYh76vb7s6PBPtli1Syw_5OLEkObxeWI8q2ZNhRnje_ctRumXPL8Hv5yjlUTi6fsANQgqk5N9U-o-5iH8UxO03xs9IC8_atem4SWsvGCZcURbThiSY2uoY09GhBSKzxcAYDUygaEcfoSmuyteycN5Gw" alt>
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   SOL TD Sequential potential ‘sell signal’ Source: Ali Martinez
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 <h2 class="wp-block-heading" id="h-solana-price-chart-analysis">Solana price chart analysis</h2>
 <p class="paragraph">While Solana has been slowly rising since the beginning of October, the final days of the month saw its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> shoot up. At the time of publication, its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> was $43.50, meaning it is up 11.74% over the previous 24 hours. Throughout the previous month, Solana also added over $6 billion to its market cap.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/t-HnbsgUyqZpt7LioPK_VbcUUyoc_3cCgxY6F4RfAYxCelw_kokyJuY9TiUYAQG0-22vKlwtxXRkvdqBOjRGCN0PJOBM5TqDaWY-LYmv_U-CzNAgcvIdkC-G6Kd68bAFZpWOBDN0jZDefuAe8VsOiEk" alt>
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   SOL 24-hour price chart. Source: Finbold
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 <p class="paragraph">While Martinez warns that there may be a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> to $37.97, others believe that SOL will experience a staggering rise throughout the rest of the decade.</p>
 <p class="paragraph">VanEck, a global investment manager, recently published an estimate that Solana could rise as much as 10,600% by 2030 – meaning that the price of the token may be as high as $3,211 at the end of the current decade.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-faces-imminent-price-correction-here-s-why-tbt68779.html">https://thebittimes.com/solana-faces-imminent-price-correction-here-s-why-tbt68779.html</a></p>

Solana faces imminent price correction: Here’s why

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