Convergence

Richard

Solana

Bitcoin

Divergence

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03.png" class="attachment-full size-full wp-post-image" alt="Solana price prediction weekly chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03.png 2710w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Solana Price Prediction shines a light on the competitive smart contracts token bowing to selling pressure just like the majority of altcoins amid a strengthening <a href="https://coingape.com/spot-bitcoin-etf-market-poised-to-hit-100-billion-bloomberg/?utm_source=24hrsupdatebitcoin">Bitcoin (BTC) dominance</a>&nbsp;— currently at 51.3%. The recent bullish outlook took another significant setback amid the developments at the largest exchange,&nbsp;<a href="https://coingape.com/is-binance-too-big-to-fail/?utm_source=24hrsupdateall">Binance</a>. 
As reported,&nbsp;<a href="https://coingape.com/what-happened-today-with-binance-and-ceo-cz/?utm_source=24hrsupdateall">the former CEO of Binance</a>, Changpeng Zhao resigned on Tuesday, paving the way for Richard Teng following the firm’s $4.3 billion settlement agreement with the US Department of Justice (DoJ). 
CZ, as he is commonly referred to in the crypto world, resigned and on top of that pleaded guilty to breaking US anti-money laundering rules. He will no longer hold any executive positions at the company but was allowed to keep his stake. 
Due to the uncertainty in the market,&nbsp;<a href="https://coingape.com/price/solana/">Solana price</a> extended the correction to test the support at $54. If successfully tested and a rebound follows, there is a high probability that SOL will make a bigger breakout. 
Recommended for you: <a href="https://coingape.com/markets/ethereum-price-prediction-eth-resilient-above-2k-after-fed-minutes-is-the-bull-run-intact/">Ethereum Price Prediction: ETH Resilient Above $2k After Fed Minutes, Is The Bull Run Intact?</a> 
<h2 class="p1" id="solana-price-prediction-sol-prepares-for-falling-wedge-breakout">Solana Price Prediction: SOL Prepares For Falling Wedge Breakout</h2> 
On top of the immediate support at $54,&nbsp;<a href="https://coingape.com/markets/solana-price-prediction-hints-fall-below-50/">Solana holds</a>&nbsp;between the 100 Exponential Moving Average (EMA) (blue) and the 50 EMA (red). Consolidation is expected to take place within this range, with movement above the resistance at $56.58 likely to lead to another 17% breakout to $66. 
<figure id="attachment_165591" aria-describedby="caption-attachment-165591" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35.png"><img decoding="async" class="size-full wp-image-165591" src="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35.png" alt="Solana price prediction weekly chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35.png 2710w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-02-35-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-165591" class="wp-caption-text">
 Solana price prediction weekly chart | Tradingview
 </figcaption>
</figure> 
Falling wedges are bullish patterns that allow an asset to consolidate before resuming the uptrend. With the Moving Average Convergence Divergence (MACD) indicator about to send a buy signal, traders can consider preparing to long SOL. 
Traders like @CryptoBusy believe that Solana could provide more opportunities to profit. This means that those interested in short-term gains should DCA as long as support at $54 holds. While a recovery above $60 to $70 could follow, gains past $70 would be a bonus. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> trade quick take profit has been activated! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Shared this 24 hours ago. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Looks like the market just wants us to profit, then it bounces back up from the support! 
 Follow us <a href="https://twitter.com/CryptoBusy?ref_src=twsrc%5Etfw">@CryptoBusy</a> for more content like this!<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> <a href="https://t.co/A7tWMSDvGL">https://t.co/A7tWMSDvGL</a> <a href="https://t.co/jpwbpK6wj1">pic.twitter.com/jpwbpK6wj1</a> 
 — CryptoBusy (@CryptoBusy) <a href="https://twitter.com/CryptoBusy/status/1727321370571497968?ref_src=twsrc%5Etfw">November 22, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Putting the Relative Strength Index (RSI) into consideration introduces an overhanging bearish cloud, especially on the weekly chart. The RSI, now with a strength of 73, has corrected from highs around 83. 
<figure id="attachment_165592" aria-describedby="caption-attachment-165592" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03.png"><img decoding="async" class="size-full wp-image-165592" src="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03.png" alt="Solana price prediction weekly chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03.png 2710w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/SOLUSD_2023-11-22_21-32-03-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-165592" class="wp-caption-text">
 Solana price prediction weekly chart | Tradingview
 </figcaption>
</figure> 
If this pullback continues, Solana may not be able to immediately resume the uptrend. In such a case, a consolidation could follow with support at $50 coming in handy. 
Related Articles 
The post <a rel="nofollow" href="https://coingape.com/markets/solana-price-prediction-sol-retesting-lifeline-support-to-confirm-17-breakout/">Solana Price Prediction: SOL Retesting Lifeline Support To Confirm 17% Breakout?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Prediction: SOL Retesting Lifeline Support To Confirm 17% Breakout?

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