The Solana (SOL) market started the year on a bullish note. However, the asset failed to maintain this momentum and began moving sideways quickly. Throughout the past 12 months, SOL went from a low of $41 to a high of $202, further highlighting the altcoin’s capabilities. Can Solana move out of its current stagnancy sooner rather than later?
Also Read: China To Inject $1.4 Trillion in Fiscal Stimulus To Boost Economy
How Did Solana Start November?
Solana’s November began on a rather sad note. Over the past week, the asset witnessed a dip from a high of $182 to a low of $158. The altcoin recorded a 7.20% fall during this period. At press time, SOL was trading at $163.78, following a 0.14% drop over the past 24 hours.
Despite the ongoing downtrend, a cryptocurrency analyst restored hope in the market. The expert revealed that Solana is poised for a breakthrough if Bitcoin (BTC) breaks through its all-time high (ATH). This expected change may spark optimistic sentiment and catapult Solana into a new stage of bitcoin industry expansion. Analysts indicate a positive prediction for SOL, given the state of the market, so investors might want to keep an eye out for a possible rising trend.
Also Read: 3 US Stocks To Buy Immediately If Trump Wins The US Elections
A Reversal In Trend Incoming?
November is expected to be a fairly decent month for Solana. According to CoinCodex, the altcoin will rise to a high of $186 later this month. Until then, the asset will trade at around the $160 to $170 level. On November 10, the altcoin will be priced at $164.05, around its current price level.
Also Read: Shiba Inu: How High Will SHIB Surge In November 2024?
While the SOL market certainly expects more from the altcoin, investors may have to wait longer to reap its benefits.
