\nSolana Price Prediction: the rising supply pressure hints the SOL price may undergo a minor correction.\t\t\t\t<\/p>\n
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![\"SOL](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/EjVAYRBd-e1699023523651.png\")
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Published 20 mins ago <\/p>\n
Solana Price Prediction: The Solana coin was one of the peak performers during the \u2018Uptober rally<\/a>.\u2019 Starting from its low point of $20.98 on October 12th, the coin has surged by an impressive 120%, reaching a high of $47. However, given the current uncertainties in the broader cryptocurrency market, Can SOL maintain its upward momentum into November?<\/span><\/p>\n <\/p>\n Also Read: SOL Price Jumps to 14-Month High As Solana Dodges FTX Unstaking<\/a><\/p>\n The recent surge in Solana price<\/a> encountered a significant obstacle around the $48 mark. On November 1st, the daily chart displayed a rejection candle with a long tail, indicating that short-term traders might be locking in their profits.\u00a0<\/span><\/p>\n This influx of selling pressure has pushed the coin price down to $39, suggesting the potential for a fresh correction. But how long might this correction last?<\/span><\/p>\n Analyzing historical data, we observe that the Solana price recovery in 2023 has experienced two corrections. The first one occurred from February to mid-June, while the second was from July to September. Using Fibonacci Retracement Levels<\/a> as a guide, the first correction retraced to 78.6% FIB, while the second retraced to 61.8% FIB.\u00a0<\/span><\/p>\n<\/blockquote>\n Considering the current strong bullish momentum, it\u2019s possible that the altcoin may retrace to the 38.2% FIB level, approximately at the $32 price level, before potentially moving down to the 50% retracement level around $27.5.\u00a0<\/span><\/p>\n If SOL manages to maintain its position above these levels, it could pave the way for a post-correctional rally that surpasses the monthly barrier at $48.38.<\/span><\/p>\n <\/p>\n Examining the last six months, the SOL price performance clearly demonstrates its outperformance compared to the leading cryptocurrency, BTC. While the Bitcoin price shows a steady but gradual recovery, the Solana coin exhibits parabolic growth, making it an attractive asset for aggressive traders<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nWill SOL Price Lose $40 Mark?<\/b><\/h2>\n
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![\"TradingView](\"https:\/\/s3.tradingview.com\/snapshots\/e\/EjVAYRBd.png\")
Source-<\/span>Tradingview<\/span><\/p>\n\n
SOL vs BTC Performance<\/b><\/h2>\n
![\"SOL](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/image_2023-11-03_20-26-01.png\")
Source: Coingape| Solana Vs Bitcoin Price<\/span><\/p>\n\n
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