Over the past seven months, the Solana price has traded sideways, struggling to sustain above the $200 psychological level. While the consolidation has created uncertain market sentiment with a lack of initiation from buyers, the Q4 period could be a game changer. Amid the upcoming U.S. election result and recovery in on-chain data, the SOL coin is positioned well for a rally past $200 in November.

Can Solana Price Hit $200 by November? Key Indicators to Watch

In the last two months, the Solana price prediction showcased a significant recovery from $120 to $183, registering a 52.8% rally. An analysis of daily charts shows this recovery as buyers attempt a 7-month consolidation with the bull-pennant pattern.

This pattern is characterized by a long pole representing the dominating trend and a short counter trend move by two downsloping trendlines. Typically, this consolidation also bulls to replenish the exhausted bullish momentum before offering a decisive breakout.

However, the crypto market witnessed a pre-election pullback, pushing the SOL price to $166 and the market cap to $78.38 Billion. The current reversal could witness suitable support at a recently breached resistance of $160, coinciding close with the 50-day EMA.

If the support holds, the buyers could rechallenge the pennant resistance at $180 and signal the continuation of the prevailing uptrend. If a breakout occurs in the first half of November, the Solana price could rally past $200 by month’s end.

SOL Network Sees Robust Growth with TVL and New User Surge

According to DefiLlama data, SOL’s Total Value Locked (TVL) has recorded a notable recovery from $4.77 million to $7.24 million— a 54% increase— within six weeks. A rising TVL suggests that more capital is being staked or utilized in Solana-based decentralized applications, indicating robust network health and potential for further price appreciation.

In addition, the number of new addresses in Solana recorded a sharp rise from 3 Million to 5.9 Million in October, accounting for a 96% surge. The significant rise in new addresses suggests that more users are exploring and participating in Solana’s decentralized applications and services. 

This trend supports the narrative of a rapidly expanding network, which also drives the demand pressure for its native cryptocurrency.

However, this metric shows a short cool-off as Solana price reverts lower to regain momentum.

Having said the SOL price breakdown below $160 could intensify the selling momentum and prolong the current sideways trend.