Solana (SOL) Maintains Impressive Growth
Solana (SOL) has started the month with strong momentum, consistently recording significant gains in recent days. The cryptocurrency reached a weekly high of $45.36 on November 1 before experiencing a minor pullback. After briefly dipping to the $40 price level, bullish momentum has returned, with the intention of pushing SOL closer to the $50 mark. It remains to be seen whether the bullish momentum will be sustained enough to achieve this milestone.
SOL Bucks All Odds for Higher Highs
Despite the high volatility in the altcoin market, Solana (SOL) has demonstrated remarkable resilience. Often referred to as the Ethereum killer, SOL has continued its upward trajectory over the past two weeks, making it one of the top-performing cryptocurrencies today.
Currently, SOL is trading at $43.23, reflecting a price increase of over 3% in the last 24 hours. It occupies the fifth position among the top gainers in today’s trading session. Solana bulls have managed to withstand significant selling pressure arising from FTX-related transfers. FTX, a crypto exchange, has been selling millions of crypto assets to settle its debts to customers and initiate a fresh start.
Reports indicate that the court has approved FTX to sell $3 billion worth of crypto assets that were frozen on the exchange since last year. Despite the influx of millions of SOL coins into the market due to these transfers, SOL’s price has entered a rising channel, marking an uptrend. Notably, SOL breached the critical resistance at $22 in mid-October and has since climbed above $40, maintaining this position in recent days.
Currently, SOL’s price is more than 86% higher than its value from the previous month, with a 9.70% increase over the past seven days, according to CoinMarketCap data.
SOL Market Outlook: Breaking Multi-Month Trendline
As illustrated in the chart below, SOL has broken free from a multi-month trendline channel, transforming a significant resistance level at $27.58 into a support level. The $27 price mark now serves as the new trendline pivot, forming a fresh channel for SOL’s price movements.
If SOL manages to sustain its position above the $42 price level, given the ongoing bullish momentum, the next target price is $46.83. Maintaining this level could pave the way for further rallies towards $50 in the coming days. However, buyers need to exert additional pressure to retain control of the market.
On the contrary, if the bears fail to maintain the $42 price, SOL could experience a decline to $39 and subsequently drop to $31.43 if bearish pressure intensifies.
Meanwhile, SOL continues to live up to its reputation as the Ethereum Killer. On-chain data from provider Kaiko indicates that SOL has outperformed Ethereum since September. The increase in the SOL/ETH ratio from 0.011 to nearly 0.025 reaffirms this trend, with the ratio now returning to pre-FTX collapse levels.
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