Solana Price Prediction: SOL Poised to Rally Past $200 in November?

Over the past seven months, the Solana price has traded sideways, struggling to sustain above the $200 psychological level.

As the Q4 period begins, several key indicators are emerging that could influence the future trajectory of the Solana (SOL) price. After trading sideways for the past seven months, with a struggle to sustain above the $200 psychological level and a lack of initiation from buyers, the upcoming U.S. election result and recovery in on-chain data could set the stage for a rally past $200 in November.

After showcasing a significant recovery from $120 to $183 in the last two months, registering a 52.8% rally, the Solana price prediction is now being closely monitored by traders. 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.

The broader market sentiment and any potential U.S. election-related market shifts will also continue to impact SOL price movements. A positive market outlook and enthusiasm for cryptocurrencies could support a rally, while any negative shifts or market uncertainty may hinder the upward momentum.

As the Q4 period unfolds and more data becomes available, traders and investors can monitor these indicators to assess the potential for a Solana price rally past $200 in November.

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