Key Takeaways:

  • SOL price corrected gains and tested the key support at $160.

  • A major bullish trend line is forming with support at $152 on the daily chart.

  • Solana could start a fresh increase unless there is a daily close below the $150 support.

Solana price prediction November 2024

Solana (SOL) is consolidating near the $160 support. The bulls could regain control if there is a fresh increase above the $172 resistance.

Solana Price Eyes Fresh Increase

After a close above the $162 resistance, Solana climbed above the $165 and $172 resistance levels. The bulls were able to push the price above the $180 level and the 50-day simple moving average (blue). However, they failed to push SOL toward the $200 resistance.

A high was formed at $183.20 and the price saw a pullback like Bitcoin, Ethereum, and other major cryptocurrencies. The price declined below the $175 and $172 levels. There was a move below the 23.6% Fib retracement level of the upward move from the $133 swing low to the $183 high.

Solana price daily chart | Source: SOL/USD on TradingView.com

Solana is now consolidating near the key support at $160-$162 (the last key breakout zone). It coincides with the 50% Fib retracement level of the upward move from the $133 swing low to the $183 high.

If the price stays above the $160 zone, there could be a fresh increase. Immediate resistance sits near the $170 level. The first major resistance sits near the $172 level. A clear move above the $172 level could send SOL toward the next key resistance at $185.

A successful daily close above the $185 resistance might open the doors for a test of the $200 handle. If there is a clear move above the $200 barrier, the price could rise toward the $212 level in the coming days.

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— Solana (@solana) October 31, 2024

More Pain for SOL?

Conversely, SOL might struggle to surpass the $172 resistance and continue to move down. Immediate support is near the $160 level. The first major support sits near the $152 level, a bullish trend line on the same chart, and the 50-day simple moving average (blue).

If there is a daily close below the trend line and the 50-day simple moving average (blue), the price might tumble. In the stated case, Solana could decline toward the $132 support zone. Any more losses could send SOL toward the $120 support zone in the near term.

Overall, Solana price is consolidating near the $160 pivot zone. SOL could start a fresh increase unless there is a daily close below the $150 support.

The post Solana (SOL) Secures Key Support: Could a Rally Be Next? appeared first on CoinChapter.