Cryptocurrencies

Latest Solana Price Analysis: SOL Remains Bullish As Bears Capitulate

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Written By: Abdullah Sarwar

Nov 21, 2023, 10:12 GMT 10:12

Solana coin banner. SOL coin cryptocurrency concept banner background.

Summary:

Solana price has experienced a 17% correction in the last few days. However, the outlook will remain bullish until the breakdown below $51.5.

Solana price has started its bull run before any other digital asset. This means a miraculous recovery for a cryptocurrency that was pronounced dead after the collapse of FTX last year. However, the remarkable comeback can be attributed to multiple tailwinds.

The biggest factor behind the ongoing surge in SOL crypto is the breakout in BTC price above $32,000. This breakout in the pioneering digital asset has boosted investor sentiment while also increasing their risk appetite.

After a phenomenal run, Solana is now trading almost 17% below its recent highs. However, don’t let anyone fool you into believing that this is the top, as the bullish market structure remains intact.

I don’t expect Solana price prediction to flip bearish until a breakdown below $51.5 in the 4-hour timeframe. Even then, the daily chart will likely remain bullish, but we may see at least a deep pullback on the lower timeframe in case of a breach of this support level.

SOL 4-Hour Price Chart

This post was last modified on Nov 21, 2023, 10:12 GMT 10:12

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.