According to an analyst's assessment of bearish trend reversal indicators, there is a possibility that the price of Solana may see a decrease to $49.
Deposits of SOL tokens to cryptocurrency exchanges have experienced a notable increase, with substantial sums of about $50 million worth of Solana being transferred from sizable wallet addresses to prominent platforms such as Binance and Kraken.
It is probable that the price of $SOL will see a decline subsequent to its recent increase of 30% within a week, resulting in a reduction in gains for those holding the token.
On Thursday, the price of Solana experienced a significant surge, reaching $68 for the first time since May 2022. The alternative cryptocurrency saw a 30% increase in value for anyone who possessed SOL tokens over the previous week. The price trajectory of Solana, an alternative to Ethereum, was assessed by an expert who saw indications of a potential negative trend reversal.
The analyst has identified indicators that suggest potential risks and anticipates a drop in the price of SOL.
The crypto analyst known as @Bluntz_Capital, who maintains a pseudonymous identity, provided commentary on the price trajectory of Solana in a recent video on the YouTube platform. The expert made a forecast of a decline in the SOL cryptocurrency's value on the daily chart. Following a notable increase in value, resulting in a percentage gain in the double digits for investors over the previous week, it is anticipated that the price of SOL will have a downward correction towards the 38.2% Fibonacci retracement level. This retracement level is determined by measuring from the lowest point of the Elliott Wave pattern and is estimated to be at $49.

The increase of SOL token deposits to exchanges in recent times serves as an additional element that reinforces a pessimistic perspective about the Ethereum-alternative currency.
Whales engage in the process of depositing their SOL tokens into controlled exchanges.
According to data obtained from Lookonchain, a crypto intelligence tracker, an address associated with a whale wallet, identified as "H4yiPh," recently withdrew 2.16 million SOL tokens valued at about $128 million on November 16th. A total of 312,868 SOL, valued at $18.56 million, was placed into the Binance and Kraken platforms.
On Thursday, an additional whale wallet unstaked a total of 505,034 SOL tokens valued at $31.7 million. Subsequently, the wallet transferred 505,000 SOL tokens, also valued at $31.7 million, with the majority of the funds being placed into Binance and Kraken.
The substantial influx of deposits is expected to intensify the selling pressure on the Ethereum-alternative, hence exerting downward pressure on the price of SOL.
#Solana📈🚀🌐 #WhaleAlert

The Solana cryptocurrency has had a decline of 14.65% from its intra-day high of $63.98.
Solana has successfully garnered attention from institutional investors, who have made substantial investments of over $1 billion in the cryptocurrency market within a very short span of time.
The rally has furthermore led to a significant increase in the value of the Grayscale Solana Trust (GSOL), with a surge of almost 378% seen from the commencement of October.
The recent surge in the price of Solana has garnered significant attention in recent days due to its sudden 25% increase within a single day, just prior to the weekend. The exact cause for the increase cannot be determined, however it is possible that the growing popularity of SOL as an institutional asset is a contributing factor.
Solana has observed a huge surge in institutional interest.
Solana has emerged as a prominent cryptocurrency, exhibiting substantial growth, hence attracting significant attention from institutional entities. As a result, cryptocurrency has emerged as the asset of most demand among institutional investors, exceeding even Ethereum.
According to the CoinShares weekly report on institutional investors, SOL had inflows of $12.4 million for the week ending November 10. These inflows, together with the monthly inflows of $23.1 million, have contributed to a cumulative inflow of $121 million for the year.
In contrast, Ethereum and other cryptocurrencies have seen significantly lower year-to-date flows compared to SOL. However, it is worth mentioning that Ethereum has shown some improvement in recent weeks, with around $62 million in inflows recorded since the beginning of November.
This is expected to be very advantageous for the Solana cryptocurrency (SOL) by facilitating an increase in its worth. Additionally, it will exert upward pressure on the price and value of the Grayscale Solana Trust (GSOL). The Grayscale investment product has experienced significant growth, coinciding with the surge in the price of Solana. The investment vehicle is currently trading at a premium of 378% since the start of October.
Although the value of an investment product is not regarded as a precise indicator of demand, it does serve to underscore the pace of progress.

The price of Solana experiences a reversal following a period of significant upward movement.
The Solana price, currently valued at $52.41, has had a significant decrease of almost 7% over the course of three days. Furthermore, the SOL token has observed a notable loss of 18.02% from its highest trading value during the same day. The current projection for the altcoin suggests a probable scenario of gradual decreases in value, which may subsequently be followed by a turnaround in the price of the cryptocurrency.
#Solana📈🚀🌐 #solana #Ethereum
It is anticipated that SOL may have a progressive decrease in value throughout the upcoming days, leading to a potential examination of the support level at $46.42. Although the drawdown may not be of substantial magnitude, the cessation of this assistance may have detrimental consequences by further exacerbating the 24-hour losses, perhaps leading to a decline towards the $40 threshold.
Despite the absence of evident indications of a price reversal, the sustained upward movement in the market has resulted in overheating, necessitating a period of moderation. This might potentially lead to a further decrease.
Nevertheless, in the event that the Solana price experiences a rebound from the support line at $46.42 and successfully surpasses the resistance level at $59.03, it would negate the negative argument and propel SOL towards reaching new highs over $60.

Meme coins have emerged as a significant component within the cryptocurrency sector, such that hardly does a market rebound occur without the presence of at least one meme coin surpassing the overall gains of the cryptocurrency market. Currently, a particular cryptocurrency on the Solana network has exhibited superior performance inside the market, surpassing even prominent contenders like Dogecoin, Shiba Inu, and PEPE.
The value of the Solana-based BONK meme coin has experienced a significant increase of 1,700%.
Following an impressive surge early this year, the Solana-based BONK joke currency seems to have receded into relative anonymity. The value of the coin had a significant decline, reaching almost 80% of its previous peak, and remained at a rather low level for the majority of the year.
Nevertheless, the period of decline in the crypto market came to a conclusion in October, subsequently initiating a resurgence in market performance. The price exhibited an increase from $0.00000019 towards the conclusion of October to $0.000000768 at the commencement of November. By that point, the value had already increased by 300%; nonetheless, the upward trend in the market was still in its nascent phase.
According to statistics sourced from CoinGecko, the BONK price reached a new record high of $0.00000539 on Monday, November 20th. This signifies a remarkable surge of more than 1,700% from its lowest point in the market cycle, positioning it as the most successful meme-based cryptocurrency during the past 30 days.
Similarly, BONK has experienced a significant increase in its trading volume. During the middle of October, the trading volume of the meme currency fell below $2 million per day. As of Tuesday, November 21, the trading volume of BONK has surpassed $100 million, exhibiting a notable increase of about 11% within the past 24 hours. This observation indicates a resurgence in the coin's appeal, implying that the rise was supported by strong underlying factors.

The BONK meme currency has had a significant increase in price, whereas other meme currencies have not exhibited comparable levels of performance. Although there have been instances of favorable conditions, their overall performance has been somewhat subpar in comparison to BONK. In order to provide a contextual framework, it is noteworthy to mention that the price of BONK has seen a decline of 105.45 units throughout the last week. Simultaneously, the value of Dogecoin has experienced a mere 2.5% increase throughout the aforementioned time frame.
During this particular period, both Shiba Inu and PEPE have seen a decline in performance. The former is now seeing a decline of 2.7% on the weekly chart, and the latter is exhibiting a decrease of 3.9% within the same time frame. The cryptocurrency known as FLOKI, which has gained significant popularity as a meme coin, has also experienced a decline of 6.8%.
The recovery of #BONK may be ascribed to the substantial increase in the price of Solana, which has seen a growth of more than 400% within the current year. The price of SOL had a significant surge, reaching a peak of $62, before seeing a subsequent correction. This surge in price also generated interest in other cryptocurrencies within the ecosystem.
#Solana📈🚀🌐 #PEPE🔥🔥

Solana (SOL), which is sometimes referred to as the Ethereum killer, has had considerable development in both its network and its price movement since October 2023.
Although everything indicates that the most noticeable rise in recent months has been in SOL's price, which has skyrocketed over 368% year-to-date, bringing the token from a low of $7.95 in 2022 to a now amazing $64.20, with an annual high of $68. This significant growth has occurred over the course of the past few months.
However, do these figures really reflect the underlying growth that has occurred, or are there differences between the price action and the advancement of the network?
According to Ally Zach, a research analyst at Messari, SOL has seen substantial growth since it reached its lowest point in December 2022 during the period in question. Not only has the price of SOL grown by more than six times, but the number of active addresses and Total Value Locked (TVL) has also climbed by a factor of two.
Initially positioned as a center for decentralized finance (DeFi), Solana has expanded over time by providing additional infrastructure and technologies, such as compressed non-fungible tokens (NFTs). This has resulted in the development of new consumer apps that are available on the platform.
According to the most recent data that Zach has compiled, over the most of the year 2023, consumer applications were the primary entrance point for first-time users on Solana. However, the "breakpoint event" that occurred at the beginning of November revived Solana's DeFi sector.
The DeFi sector was driven to the forefront of the industry as a result of a series of airdrop announcements for important projects within the ecosystem, most notably the airdrop that was announced by JupiterExchange. Due to the fact that these airdrops, in conjunction with the creation of new tokens, have increased market caps and the total value of the decentralized exchange (DEX) TVL, users have been drawn to these tokens because of their potential for trade.
Particularly noteworthy is the fact that new DEX users on Solana have distinct behavioral tendencies in comparison to airdrop farmers present on other networks. Users that engage in this activity aggressively exchange small and mid-cap tokens and spend more money on each swap as opposed to engaging in high-frequency, low-volume transactions with stablecoins.
This shows that there is a user base that is more engaged and persistent, moving away from agricultural techniques that are only temporary. The decentralized exchanges (DEXs) are an essential component of the ecosystem of decentralized finance. Their power comes from the many different apps and tokens that surround them, which are both diverse and resilient.
According to the findings of Ally Zach's investigation, the most recent user base of Solana, which includes both beginners and veterans, is moving away from actions that are often associated with airdrop farming.
These users have the potential to become long-term contributors, which will increase the Solana ecosystem's ability to remain sustainable. This change demonstrates that this possibility exists.

It's possible that Solana will reach $90 in the near future.
The price of SOL is expected to increase in the near future, in addition to the possibility for the Solana network to develop over the long term. An influential cryptocurrency analyst named Ali Martinez has discovered an intriguing pricing trend for SOL that suggests there is the possibility for more rises in the near future.
On the 12-hour chart of SOL, Martinez draws attention to a formation that resembles an ascending triangle. This structure is indicative of a continuation pattern, which often marks the beginning of higher price movements.
A creation of an ascending triangle with Solana SOL. Ali Martinez on X is the source.
It can be seen from the ascending triangle formation that the price of SOL has been consolidating inside a range that is becoming more constrained, with higher lows and a resistance level of about $68.2. In the event that SOL is able to maintain a close that is higher than this crucial level, it has the ability to set off a bullish breakout, which may potentially drive the price closer to the $90 mark.
#Solana📈🚀🌐 #BinanceTournament #SOL
Martinez, on the other hand, cautions against taking any risks and stresses the need of keeping an eye on the $60 support level. It is possible that a surge in profit-taking by traders might be triggered by any indications of weakness or a break of this level, which could potentially result in a temporarily falling price. SOL may face a decline in the event that this scenario plays out, with the possibility of hitting a low of $47.