Solana

Bitcoin

Vortex

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/EjVAYRBd-e1699023523651.png" class="attachment-full size-full wp-post-image" alt="SOL price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Solana Price Prediction: The Solana coin was one of the <a href="https://coingape.com/solana-price-prediction-is-solgoing-to-50-heres-what-you-should-know/">peak performers during the ‘Uptober rally</a>.’ Starting from its low point of $20.98 on October 12th, the coin has surged by an impressive 120%, reaching a high of $47. However, given the current uncertainties in the broader cryptocurrency market, Can SOL maintain its upward momentum into November? 
Also Read: <a href="https://coingape.com/sol-price-jumps-to-14-month-high-as-solana-dodges-ftx-unstaking/">SOL Price Jumps to 14-Month High As Solana Dodges FTX Unstaking</a> 
<h2 id="b-will-sol-price-lose-40-mark-b">Will SOL Price Lose $40 Mark?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">In an established recovery, the potential correction in SOL price could assist buyers in recuperating bullish momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The coin buyers can find suitable support at $37.6 and $27.4</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $2.43 Million, indicating a 35% loss.</li> 
</ul> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/e/EjVAYRBd.png" alt="TradingView Chart">Source-Tradingview 
The recent surge in <a href="https://coingape.com/price/solana/">Solana price</a> encountered a significant obstacle around the $48 mark. On November 1st, the daily chart displayed a rejection candle with a long tail, indicating that short-term traders might be locking in their profits.&nbsp; 
This influx of selling pressure has pushed the coin price down to $39, suggesting the potential for a fresh correction. But how long might this correction last? 
<blockquote>
 Analyzing historical data, we observe that the Solana price recovery in 2023 has experienced two corrections. The first one occurred from February to mid-June, while the second was from July to September. Using <a href="https://coingape.com/glossary/fibonacci-retracement/">Fibonacci Retracement Levels</a> as a guide, the first correction retraced to 78.6% FIB, while the second retraced to 61.8% FIB.&nbsp;
</blockquote> 
Considering the current strong bullish momentum, it’s possible that the altcoin may retrace to the 38.2% FIB level, approximately at the $32 price level, before potentially moving down to the 50% retracement level around $27.5.&nbsp; 
If SOL manages to maintain its position above these levels, it could pave the way for a post-correctional rally that surpasses the monthly barrier at $48.38. 
<h2 id="b-sol-vs-btc-performance-b">SOL vs BTC Performance</h2> 
<img decoding="async" class="aligncenter size-full wp-image-163292" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01.png" alt="SOL price" width="1920" height="1080" srcset="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01.png 1920w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01-300x169.png 300w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01-768x432.png 768w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01-1536x864.png 1536w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01-678x381.png 678w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-03_20-26-01-150x84.png 150w" sizes="(max-width: 1920px) 100vw, 1920px">Source: Coingape| Solana Vs Bitcoin Price 
Examining the last six months, the SOL price performance clearly demonstrates its outperformance compared to the leading cryptocurrency, BTC. While the Bitcoin price shows a steady but gradual recovery, the Solana coin exhibits parabolic growth, making it an attractive asset for aggressive traders 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Vortex Indicator: A wide gap between VI+ (blue) and VI- (orange) slopes in a bullish crossover state, reflecting the prevailing uptrend sentiment.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 20 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> shows a rising slope hovering around the $32 mark, providing additional support in case of a pullback.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/solana-price-prediction-as-recovery-hits-roadblock-at-48/">Solana Price Prediction As Recovery Hits Major Roadblock at $48; Is Correction Underway?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Prediction As Recovery Hits Major Roadblock at $48; Is Correction Underway?

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