Is Solana catching the bears? Will the SOL price return to $180 in November?

Solana stays a preferred alternative for a lot of buyers eagerly awaiting the subsequent bull run. Whatever the continued worth fluctuations, SOL worth is anticipated to make a powerful comeback and rise above the $500 million market cap. The US presidential elections will happen within the coming days and trade specialists similar to Arthur Hayes favor Solana, calling it a high-beta Bitcoin. Furthermore, the Solana ecosystem continues to develop with the rising demand for Solana-based tokens.

Regardless of this, SOL worth didn’t obtain due consideration because it continues to say no because of the bearish market pattern. Promoting strain has escalated to a big extent, indicating that the worth is able to fall in the direction of the interim help at any time, which might even prolong in the direction of the brand new lows. Nevertheless, the Bulls have firmly defended the essential zone and stored the degrees above $160, and related worth motion is anticipated to revive a powerful bullish pattern.

As will be seen from the chart above, SOL worth is caught in a bearish parallel channel because the bulls regularly wrestle to rise above resistance. The current rejection confirms the presence of the bearish affect on the rally, however the bulls are additionally displaying sufficient energy to carry above the essential help at $160. Nevertheless, the technical knowledge suggests a various pattern that raises considerations concerning the subsequent worth motion.

The RSI continues to rise whereas buying and selling alongside the rising trendline, which has been sturdy help. Sadly, quantity on the stability sheet stays caught in a descending parallel channel and after the rejection of the interim highs, the opportunity of one other pullback might be imminent. In such a case, a drop under $160 might point out a continued downtrend in the direction of $140, which may solely happen within the case of a long-term bearish pattern.

At the moment, Solana (SOL) worth is approaching a key help degree that beforehand acted as sturdy resistance. This degree has traditionally influenced worth actions, suggesting it might function sturdy help. Due to this fact, if the worth stays above this help and reveals bullish affirmation indicators, it might entice patrons, doubtlessly pushing the worth again as much as $180.