Sol failed to advance this week after marking a new all-time high. However, the price remains strong monthly as it holds well above $230. A 40% rally monthly still puts the asset in an upward range.
Like many other top altcoins, this month has been interesting for Sol as it popped out notable gains to reach a new all-time high (ATH) of $248.4 after eight months of trading. These notable gains were triggered by a bounce off the $155 level with two weeks of consistent surge.
Since Sol tested the new high on Monday, the buying pressure has slowed down a bit due to rejection, although the price is not trading far from the high as the bulls are still in the market.
Trading volume is still floating but not rising as expected. One of the reasons for this glitch is the current surge in Bitcoin’s price – which has seriously gained a lot of whales’ attention in the past hours with a larger volume inflow. Many larger-cap altcoins are in a red zone.
If those larger volumes flow out into major altcoins like Sol, the price could rally hard to a new all-time high. Currently, the price is down as trading volatility drops.
Meanwhile, the short-term bears are slowly pulling the price lower. If they continue to overpower the bulls, the price may retrace into the $200 range before regaining momentum. But looking at the market structure, the bulls still have an upper hand.
SOL’s Key Level To Watch
Breaking through the recently tested ATH to $250, Sol’s next target level would be $270, followed by $290. The key level to watch next is $300.
In case of a retracement, the potential support to watch for a rebound is the $225.2 level. There’s also support at $210. Below it lies $194 if the price keeps dropping.
Key Resistance Levels: $250, $270, $300
Key Support Levels: $225.2, $210, $194
- Spot Price: $232.5
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/solana-price-analysis-prediction-november-21-sol-retraces-as-volume-slowly-flows-out-down-3-daily/