Token

Rally

Solana

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/Hr9L3qcS-e1701269387668.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 ongoing correction in the Solana coin price has found suitable support at the $51.4 level. Over the past two weeks, the price rebounded twice from this level, signifying continued <a href="https://coingape.com/markets/solana-price-prediction-can-sol-reach-100-by-year-end/">accumulation by buyers</a> during market dips, a behavior often associated with strong market recovery. Within a fortnight, the coin price surged by 17.68% and currently trades at $60.5. Will this recovery surpass the $70 mark? 
Also Read: <a href="https://coingape.com/jito-launches-jto-token-airdrop-for-its-solana-defi-community/">Jito Launches JTO Token Airdrop for Its Solana DeFi Community</a> 
<h2 id="b-sol-recovery-to-extend-10-b">SOL Recovery to Extend 10%</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A 38.2% retracement could bolster buyers for a strong rebound</li> 
 <li style="font-weight: 400;" aria-level="1">The $51.4 level stands as strong support for buyers</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $2.37 Billion, indicating a 1.3% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/h/Hr9L3qcS.png" alt="Solana Price Prediction" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Solana Price Prediction | TradingView Chart
 </figcaption>
</figure> 
For almost three weeks, the <a href="https://coingape.com/price/solana/">Solana price</a> has been trading sideways between the horizontal levels of $51.4 and $67. However, a sideways turn after a significant recovery is considered an opportunity for buyers to recuperate their exhausted bullish momentum.&nbsp; 
<blockquote>
 This consolidation showcasing a retracement to the 38.2% Fibonacci retracement level, bolstered the same bullish thesis as it is considered a healthy retracement for the next leap. As <a href="https://coingape.com/markets/bitcoin-price-prediction-as-38000-hints-continuation-of-recovery/">Bitcoin surged above the crucial $38,000 resistance</a>, the SOL recovery gained momentum, recording a 4.3% intraday growth, breaking past the psychological level of $60.&nbsp;
</blockquote> 
Continued buying could potentially drive the SOL price up by 11% to retest the last swing high of $67.3. Should it break this barrier, a 16% rally to reach $78.2 could ensue, contributing to the formation of a rounding bottom pattern.&nbsp; 
This pattern suggests that the prevailing downtrend might have found its bottom, hinting at an expected sustainable recovery. 
<h2 id="b-sol-vs-btc-performance-b">SOL vs BTC Performance</h2> 
<figure id="attachment_166836" aria-describedby="caption-attachment-166836" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-166836 size-full" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-29_20-15-07-e1701269446289.png" alt="SOL Price" width="1200" height="675">
 <figcaption id="caption-attachment-166836" class="wp-caption-text">
 Source: Coingape| Solana Vs Bitcoin Price
 </figcaption>
</figure> 
Over the last three months, the SOL price has showcased significant growth during the October-November rally, in contrast to a gradual ascent in <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a>. While this rapid growth appears promising, risk-averse traders might panic during occasional corrections that extend to the 38.2% to 50% Fibonacci levels. Amid the ongoing correction, coin holders may consider marking the 50% Fibonacci level at $42.75 to manage their stop loss. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Bollinger band: The downsloping upper boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band indicator</a> could hinder the SOL recovery around the $64 mark.</li> 
 <li style="font-weight: 400;" aria-level="1">Directional Moving Index: The DI+(blue) and DI-(orange) slope maintaining a bullish crossover state reflects the overall market recovery intact.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/solana-price-prediction-heres-why-sol-may-turn-to-26-rally/">Solana Price Prediction: Here’s Why $SOL Correction May Turn To 26% Rally</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Prediction: Here’s Why $SOL Correction May Turn To 26% Rally

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