Solana (SOL) has made a strong comeback in October, recording a significant double-digit gain. This resurgence has ignited bullish sentiment among analysts, many of whom predict further upward momentum for the altcoin this November.
Analyst Expectations – A Divergent Outlook
At press time, Solana is trading at $163, marking a 20%+ increase over the past 30 days. Crypto analyst Crypto General is optimistic about SOL’s short-term prospects, targeting a price of $290 in the coming weeks. The analyst highlights SOL’s ability to outperform Bitcoin (BTC) during recent market volatility as a positive sign.
$SOL is moving as planned, price is pumping post a retest
— Crypto General 🦄 (@DaCryptoGeneral) October 28, 2024
Sol is showing great strength from the past few weeks, defying the $BTC dumps but pumping along with BTC pumping
No doubt it is one of my favourite coin for this season and I am targeting a minimum of $290 in the… pic.twitter.com/0RwwymSZ1X
However, not all analysts share this bullish view. Benjamin Cowen believes that SOL’s performance may not be sustainable and predicts a potential decline in the SOL/BTC pair in November and December.
I think sol/btc will drop in Nov/dec and bounce early 2025
— Benjamin Cowen (@intocryptoverse) October 28, 2024
Technical Analysis: A Bullish Signal
The Sharpe ratio, a measure of risk-adjusted return, has recently turned positive for Solana. This indicates that the potential returns from investing in SOL may justify the associated risks. A positive Sharpe ratio supports the bullish sentiment surrounding the altcoin.
Additionally, the funding rate for SOL is currently positive, suggesting that traders are bullish and expect the price to rise.
Also Read: Canary Capital Files For Solana ETF With SEC – Here’s What’s At Stake For Crypto Investors
Short-Term Price Prediction
Despite a recent 8.88% dip, Solana’s price remains above crucial support at $159.67. If bulls manage to defend this level, a potential rally towards $209.30 by the end of November is possible. However, a failure to hold this support could lead to a further decline to around $136.71.
While Solana’s recent performance and positive technical indicators suggest a bullish outlook for November, it’s important to exercise caution and consider the potential risks associated with investing in cryptocurrencies.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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