3 SOL Charts Hinting At Major Solana Price Rally in November

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As a seasoned analyst with a rich background in crypto market analysis, I find myself increasingly intrigued by the bullish convergence taking place across Solana (SOL) charts. The alignment of price trends, on-chain data, and derivatives metrics suggests that we may be on the cusp of a major SOL price rally in November.

On Tuesday during Asian trading hours, the price of Solana climbed 1.44% to reach $168.6. Its market capitalization also increased significantly to approximately $79.04 Billion. This surge was primarily due to a positive trend in three significant Solana charts: price movement, on-chain data, and derivatives statistics. The confluence of these factors suggests a robust base for Solana’s price to fuel the November rally.

3 Key SOL Charts Signal Major Solana Price Rally Ahead in November

The crypto market resumes its Q4 bullish momentum, driven by Bitcoin‘s surge toward $70,000. As significant altcoins prepare for an extended comeback, Solana appears poised to spearhead the advance in November, with three vital SOL charts pointing to a robust bullish forecast.

Solana’s (SOL) TVL Soars 68% as DeFi Confidence Fuels Price Recovery

Since August 2024, Solana’s network total volume locked (TVL) has seen a significant surge, as per DeFiLlama data. The Solana TVL increased from $3.8 billion to an all-time high of $6.43 billion since January 2022, marking a 68% increase.

The significant increase in TVL implies that investors are becoming more confident in the DeFi environment of Solana, which suggests a boost in liquidity and an uptick in user engagement with their decentralized apps (dApps), signifying increased activity.

The historical data indicates that this growth has occurred simultaneously with a sustainable price increase, which underscores the strengthening of the underlying infrastructure of the network.

Ethereum-Killer SOL’s Futures Market Hints Bullish Outlook

Based on Coinglass data, the weighted funding rate for SOL has surged to 0.0181%, a level not seen since June 2024. This surge suggests a heightened interest in long positions within the Solana futures market, as buyers are willing to compensate sellers for maintaining their bullish stance.

In simpler terms, this indicator suggests that investors are optimistic about the market’s future and expect a lasting period of growth.

Solana Price Analysis: Bulls Eye 9% Surge Before Major Breakout

Over the past six weeks, the Solana price projection has experienced a significant upturn, climbing from $120 to $167 – representing a 39% surge. Upon closer examination of the daily chart, it appears this upward trend forms a bullish reversal pattern known as an “inverted head and shoulder” pattern.

This shape features a central part (the ‘head’) dropping below the two surrounding parts (the ‘shoulders’), indicating an increase in buying pressure near the bottom resistance level, suggesting they are preparing for a substantial price upturn.

On October 20th, the SOL price successfully broke through the resistance of its pattern’s neckline at $160. If this momentum holds, we can expect a 9.5% increase in the price, aiming to test a significant resistance trendline that has marked a consolidation phase since March 2024.

A significant move beyond the current trendline could be key for Solana’s continued upward trajectory.

If the selling pressure persists around the $180 mark for Solana, I anticipate that it might lead to an extended period of consolidation in November, as sellers take control of the price action.

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2024-10-22 17:18