Solana(SOL)recordedanimpressivedouble-digitgaininOctober,markingitsfirststrongperformanceinseveralmonths.Thisrallyhasfueledbullishsentimentamonganalysts,manyofwhompredictthatSolana’spriceinNovembercouldbringfurtherupwardmomentumforthealtcoin.
ButwhatshouldinvestorsexpectfromSolanathismonth?Inthisanalysis,BeInCryptorevealssomeanalysts’targetsandsignsfromcrucialindicators.
AnalystExpectationsDifferforSolana
Atpresstime,Solana’spricestandsat$166,markinga22%surgeoverthepast30days.PseudonymoustraderCryptoGeneralnotesthatSOL’soutperformanceofBitcoin(BTC)hintsatfurthergainsforthealtcointhismonth.
“SOLisshowinggreatstrengthfromthepastfewweeks,defyingtheBTCdumpsbutpumpingalongwithBTCpumping.NodoubtitisoneofmyfavouritecoinforthisseasonandIamtargetingaminimumof$290inthecomingweeks,”CryptoGeneralpostedonX(formerlyTwitter).
Additionally,theSharperatiohassurgedintopositiveterritoryafterremainingintheredfromJulytoSeptember.TheSharperatiomeasuresreturnsbyadjustingforrisk,makingitapopulartoolforcomparingassetperformance.
AnegativeSharperatioindicatesthatthepotentialreturnmaynotjustifytherisk.However,nowthatit’spositive,Solana’spriceshowspotentialforfurthergainsinNovember,supportingabullishoutlook.
Readmore:7BestPlatformsToBuySolana(SOL)in2024
SolanaSharpeRatio.Source:Messari
ContrarytoCryptoGeneral’sprediction,analystBenjaminCowensaysSOLmightnotreplicateitsperformanceinOctober.Infact,theanalystsaysthattheSOL/BTCpair,whichwasinfavorofthealtcoin,mightdropthismonth.
“Ithinksol/btcwilldropinNov/decandbounceearly2025,”Cowenopined.
Meanwhile,Santimentshowsapositivefundingrate,indicatingthattherearemorelongs(buyers)thanshorts.Incontrast,anegativefundingratesuggeststhatshortsdominatethemarket.Thus,thecurrentreadingreflectstraders’expectationsforanincreaseinSOL’spricethisNovember.
SolanaFundingRate.Source:Santiment
SOLPricePrediction:$209TargetIsPossible
SinceWednesday,SOL’spricehasfallenby8.88%,nowtradingaround$163.72.Despitethisdip,thedailychartindicatesthatthetokenremainsabovekeysupportat$159.67.Giventhissetup,Solana’spricemayfindareboundofftheselows,potentiallyrallyingtoward$209.30bymonth’send.
Readmore:Solana(SOL)PricePrediction2024/2025/2030
SolanaDailyAnalysis.Source:TradingView
However,ifbullsfailtoholdthissupport,thisoutlookforNovembermaybeinvalidated,andSOLcouldthenslidefurthertoaround$136.71.
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