Solana Price Prediction for Today, November 6 – SOL Technical Analysis

On Nov 6, 2024

Join Our Telegram channel to stay up to date on breaking news coverage

The Solana price prediction renewed the bullish trend, exceeding the moving averages to touch the daily high of $190.14.

Solana Prediction Statistics Data:

Solana price now – $190.08
Solana market cap – $88.60 billion
Solana circulating supply – 471.02 million
Solana total supply – 587.96 million
Solana Coinmarketcap ranking – #4

Getting in early on Solana (SOL) has proven highly rewarding, with the token surging over 37,131% from its all-time low of $0.5052 in May 2020. Currently trading between $164.68 and $188.49 in the last 24 hours, Solana has experienced remarkable growth, though it remains 27.67% below its all-time high of $260.06 from November 2021. This impressive trajectory underscores the potential gains for early adopters in promising crypto projects.

SOL/USD Market

Key Levels:

Resistance levels: $205, $215, $225

Support levels: $150, $140, $130

SOLUSD – Daily Chart

SOL/USD is currently highlighting recent bullish momentum and outlining key levels to watch. However, the anticipation of regulatory shifts following the 2024 U.S. election has contributed to market optimism, particularly for assets like Solana. With SOL/USD edging toward $200, this analysis centers on the potential for further price advances should certain resistance levels be breached. This setup is backed by recent market conditions, which appear favorable for continued gains if critical support zones are held.

Solana Price Prediction: SOL Bulls Could Favour the Upside

According to the chart, SOL/USD broke past the $165 level, establishing this area as a new support zone. The key resistance level now lies at $186, with strong buying interest required to push above it. A successful breach of this level would likely allow SOL/USD to target the next significant price zone between $200 and $210. This zone represents a near-term target that, if reached, would validate the ongoing bullish momentum and further strengthen Solana’s technical setup.

Moreover, the current trend remains favorable for the bulls, as supported by technical indicators such as the 9-day moving average remains above the 21-day moving average. However, a successful break above the resistance levels at $205 and $215 could potentially propel the coin above the $225 resistance level. On the contrary, a bearish movement below the lower boundary of the channel could lead to support levels at $150, $140, and $130.

SOL/BTC Initiates an Upward Movement

Against Bitcoin, SOL/BTC is consolidating upward, trading above the 9-day and 21-day moving averages. Bulls are actively pushing the price toward the upper boundary of the channel. Any further bullish movement above this barrier could potentially drive the price to the resistance level at 2700 SAT and above.

Solana Price Prediction for Today, November 6 – SOL Technical Analysis — SOLBTC – Daily Chart

However, if SOL/BTC decides to reverse its course and follow a downtrend, sliding toward the lower boundary of the channel might lead to a critical support level at 2250 SAT or below. The 9-day moving average may need to cross above the 21-day moving average to indicate a potential upward momentum.

Nonetheless, @AltcoinScholar, a prominent analyst on X (formerly Twitter) with over 183k followers, has identified a breakout in $SOL. The immediate target range for this surge is projected to be $190 to $192.

$SOL IS BREAKING OUT!
Immediate target is $190 to $192
LFG @solana pic.twitter.com/CCIvsVOlqw
— Altcoin Scholar (@AltcoinScholar) November 6, 2024

Alternatives to Solana

The current Solana price is maintaining its position above the 9-day and 21-day moving averages, following a significant rebound from a low of $166.69. This trend suggests that the bulls are in control of the price action and may be able to drive the coin above the channel’s upper boundary. In a related development, Pepe Unchained, positioned as a Layer-2 solution, offers a decentralized gateway to a wide array of financial utilities such as trading, bridging, and staking, aiming to build a more comprehensive DeFi ecosystem around the popular Pepe meme. Meanwhile, the token has raised over $25 million in its ongoing presale stage.

AFTER THE US ELECTION, IS PEPE UNCHAINED THE BEST MEME COIN TO INVEST IN

Pepe Unchained has made a significant impact by raising over $25 million in its presale, demonstrating strong community support and investor confidence. This impressive funding milestone underscores the token’s potential for long-term growth, as it aims to deliver advanced DeFi features like cross-chain compatibility, staking, and a decentralized exchange. Now is a great time to consider investing, as early supporters have the opportunity to be part of this promising project from the beginning and capitalize on its growth potential.

Visit Pepe Unchained