Peanut

Solana

<p class="is-style-lead">Solana price has fallen for two consecutive days, dropping 7.8% from its highest level this week.</p> 
<p>Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>), the fourth-largest cryptocurrency, fell to $207 on Nov. 13, down from this week’s high of $225.</p> 
<p>Its retreat mirrored that of Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) and other cryptocurrencies like Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) and Cardano (<a rel="" href="https://crypto.news/price/cardano/">ADA</a>).</p> 
<p>Despite the sell-off, one analyst believes it is too risky for traders to short SOL at the current prices. In an X post, <a rel="nofollow" href="https://x.com/Kingpincrypto12/status/1856639454246764745" target="_blank">Kingpin Crypto</a>, an analyst with over 27,000 followers, warned that shorting the coin could be risky. He cited the fact that Solana was breaking out of an eight-month trading range.</p> 
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   <p lang="en" dir="ltr">To those thinking of shorting <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$SOL</a> here, you are thinking of shorting an 8+ month range breakout.<br><br>Here is some advice…<br><br>Stop thinking. <a rel="nofollow" href="https://t.co/Fapv6nEG7L" target="_blank">pic.twitter.com/Fapv6nEG7L</a></p>— Kingpin Crypto (@Kingpincrypto12) <a href="https://twitter.com/Kingpincrypto12/status/1856639454246764745?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 13, 2024</a>
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<p>Additionally, Solana maintains solid fundamentals as it has become a major player in the crypto industry. For example, it has become the blockchain of choice for developers who are building meme coins.</p> 
<p>According to <a href="https://www.coingecko.com/en/categories/solana-meme-coins" target="_blank" rel="nofollow">CoinGecko</a>, the total market cap of all Solana meme coins has jumped to over $17.8 billion. Dogwifhat has a market cap of $3 billion, while Bonk, Peanut the Squirrel, and Popcat each have valuations of over $1 billion.</p> 
<p>Solana has also overtaken Justin Sun’s Tron to become the second-largest chain in the decentralized finance industry. Its <a href="https://defillama.com/chain/Solana" target="_blank" rel="nofollow">total value locked</a> has jumped to over $7.58 billion, with the biggest players in the network being Jito, Kamino, Jupiter, and Raydium.</p> 
<p>After dominating Ethereum in DEX volume in October, Solana is repeating the same trend this month. Its volume has risen by 91% in the last seven days to $24.55 billion, mostly due to several trending Solana <a rel="" href="https://crypto.news/department-of-government-efficiency-tokens-rally-after-trump-appoints-musk-as-head/">meme coins like Department of Government Efficiency</a> and Happy Coin.&nbsp;</p> 
<h2 class="wp-block-heading" id="solana-price-to-form-break-and-retest-before-roaring-back">Solana price to form break and retest before roaring back</h2> 
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  Solana price chart | Source: <a href="https://crypto.news/price/solana/" target="_blank">crypto.news</a>
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<p>The daily chart shows that the SOL price has pulled back after soaring to $225 on Tuesday. It has remained above the 50-day and 200-day moving averages, which is a bullish sign. Also, the MVRVZ indicator has moved sideways after rising to its highest level since March.</p> 
<p>Most importantly, there are signs that Solana is about to form a break and retest pattern by moving to the key support at $193, its highest level on June 29. A break and retest happens when an asset rallies above a key level, retests it, and then resumes the bullish trend. If this is correct, there are high chances that Solana will rebound and retest $250 in the near term.</p>

Solana price is falling, but shorting it is risky, crypto analyst says

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