SOL may drop once more, closer to our predicted ‘buy the dip’ area.
As explained in our Solana prediction for 2024 & 2025, we did not see a bullish trend developing in 2024. So far, this prediction was spot-on.
- For 2024, the support area which we predicted many months ago: the $82.84 – $118.88 area. Our predicted resistance area was $160 – $210. Solana respected our predicted support and resistance areas, hitting the upper part of support and lower part of our resistance.
- For 2025, we predict for Solana to stage a breakout to new all-time highs.
Note – Back in 2023, when truly nobody cared about Solana, InvestingHaven’s research team flashed a strong buy alert in its premium crypto investing research service. Back then SOL was trading around $22, it went up nearly 10x since then. The point is this: Solana, similar to any other market, offers great opportunities when it’s quiet in terms of price action and when the chart starts turning bullish.
Solana price analysis for November 2024
Below is the SOL price chart, with our annotations.
This is what the SOL chart suggests as it relates to expectations for Solana’s price in November 2024:
- Horizontal support strong – the area $120 to $130 need to be tested (at least) once more before a bullish wave may develop.
- Falling trendline strong – the resistance provided by the falling trendline is really strong. No breakout possible until BTC clears ATH.
- Rounded topping pattern – this coincides with the falling trendline, for now, providing resistance.
In other words, SOL is not ready to develop a bullish trend, it needs a bit more time.
This outlook is supported by the big picture SOL chart structure which is the triangle visible on below chart. This triangle suggests that SOL needs to mature a little longer before it is ready to start its next big move.
Solana price analysis – watch out
One of the key themes of InvestingHaven.com is providing clear, neutral, factual price analysis.
Very often, we get excited about a market or cryptocurrency when truly nobody cares. Case in point: SOL back in the summer of 2023.
The opposite is true as well – when the majority is excited, we tend to become neutral or even outright bearish. Case in point: the cash tag $SOL has way too much excitement right now to make us happy.
RELATED – 15 cryptocurrency forecasts for 2025.
Below is one illustration of Solana price analysis that is simply meant to create excitement, but not based on solid chart nor price analysis. While the content is very engaging and unique, it should not be confused with solid price analysis intended to assess the investment opportunity.
#Solana was the exact same price $154 on the same day in 2021 at the same Super Full Moon. Look what happened. 👀 h/t @gerrybyrne27 pic.twitter.com/pZRUx50ueI
— MartyParty October 17, 2024
Solana price vs. Solana’s ecosystem
In all fairness, we are not as excited about Solana’s opportunity as we were back in the summer of 2023.
While SOL will move to ATH, most likely, in 2025 already, the upside potential is not the same as the potential we saw mid-2023.
However, we are excited about Solana’s ecosystem, for sure, without any doubt.
Our Solana ecosystem excitement was confirmed, yesterday, by this really important evolution – the first meme ETP is underway, one on Solana’s ecosystem.
🚨BREAKING BIG: @Solana-based memecoin $BONK (@bonk_inu) ETP has been approved — the world’s first ever memecoin ETP. pic.twitter.com/XrlJE8LU97
— SolanaFloor (@SolanaFloor) October 16, 2024
We keep on tracking Solana’s price, with SOL price analysis reviews on a regular basis, but intended to assess Solana’s ecosystem opportunity more than Solana’s opportunity.
Continue reading – Which Cryptocurrencies Will Be Explosive in 2025?
