#Ethererum 's long-established rival, Layer 1 project #Solana , continues to progress quietly with a gradual price increase. The project, which was traded at 17 Dollars exactly 2 months ago (10/09/23) as of the date of the article, has exceeded the level of 47 Dollars as of the date of the article today. Solana has achieved an 8% shooting rate in the last 24 hours. Here are the current Solana ($SOL ) comments, price predictions and technical analysis data.

Solana Continues to Rise - Left Comment

The increase in Solana enabled the altcoin to surpass the 15-month resistance level of $46. Although the cryptocurrency is currently trading above this level, sustainable momentum will be confirmed by the close of the daily candlestick and subsequent testing of this price as a support level.

However, if the rally reaches an unsustainable level and investors opt to take profits, Solana's price could face a potential decline. A loss of support at $46 could offer a chance for a recovery from $36, but if the price closes below this level it could negate the bullish outlook and potentially drag SOL to $31.

Solana (SOL) Technik Analyz

Over the past two weeks, FTX has been systematically selling off all unlocked SOLs in its wallet. Despite this, the Solana rally continues. This shows that Solana has a strong investor base. Popular crypto trader Jacob Canfield announced that he expects the Solana price increase to continue. He included the following reasons in his statement:

  • SOL.D – Solana Dominance Even at the peak of the market, Solana dominance did not exceed 3%.

  • SOLBTC – It is currently experiencing a breakout from the weekly resistance level, signaling a parabolic upside potential.

  • SOLETH – Solana recently broke the weekly resistance level, indicating the possibility of a parabolic rally against Ethereum.

  • ETH.D – Ethereum Domination. It is currently experiencing a breakout of a long-term trend line and losing the 200-week moving average. Currently at 17%, if Solana continues its trend against Ethereum and Ethereum falls to 2019-2020 levels, SOL could emerge as a significant winner this market cycle.

  • Based on November 2023 data, the overall Solana price forecast sentiment is bullish. While 26 technical analysis indicators give bullish signals, 4 indicators point to bearish signals.

Solana Support and Resistance Levels

Based on the $45.57 pivot point (P1), Solana has support levels at $42.51, $39.60 and the strongest at $36.54. Similarly, Solana resistance levels lie at $48.48, $51.53, and $54.44.