Solana

View

Coin

<p>Solana (SOL), the world’s fourth-largest cryptocurrency by market cap, is poised to lose its position to Ripple’s native token, XRP. In recent days, SOL appears to be consolidating, while during the same period, XRP has soared nearly 95%, reaching a market capitalization of $106.5 billion by outperforming Binance Coin (BNB).</p>   
<h2 class="wp-block-heading" id="h-solana-sol-technical-analysis-and-upcoming-levels-nbsp"><strong>Solana (SOL) Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>However, this consolidation on the four-hour time frame appears as a bearish inverted head-and-shoulders price action pattern. According to expert technical analysis, SOL appears bearish, and if it fails to hold the $226 level, there is a strong possibility of a 10% decline, potentially reaching the support level at $202.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/30220042/SOLUSDT_2024-11-30_22-00-27.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/30220042/SOLUSDT_2024-11-30_22-00-27-1024x547.png" alt="" class="wp-image-387690"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>   
<p>Conversely, if SOL closes a four-hour candle above the $245 level, this bearish thesis may fail.</p>   
<p>On the positive side, <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">SOL</a> is trading above the 200 Exponential Moving Average (EMA) on both daily and four-hour time frames, indicating an uptrend. Meanwhile, SOL’s Relative Strength Index (RSI) suggests that the altcoin still has the potential to rally in the coming days. Currently, SOL’s RSI stands at 49, near the oversold area, further highlighting a potential buying opportunity.</p>   
<h2 class="wp-block-heading" id="h-whale-activity-signals-interest-in-sol"><strong>Whale Activity Signals Interest in SOL</strong></h2>   
<p>In addition to technical analysis, on-chain analytics firm <a href="https://www.coinglass.com/currencies/SOL" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a> reported that whales have shown strong interest in the altcoin. According to SOL spot inflow/outflow data, exchanges have recorded a significant outflow of $182 million worth of SOL since November 23, 2024. This notable outflow suggests that whales may be transferring the tokens from exchanges to their wallets.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/11/30220459/image-334.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/30220459/image-334-1024x291.png" alt="" class="wp-image-387694"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>The crypto community views this significant token withdrawal as a potential buying opportunity, suggesting a possible upside rally.</p>   
<h3 class="wp-block-heading" id="h-sol-current-price-momentum-nbsp"><strong>SOL Current Price Momentum&nbsp;</strong></h3>   
<p>At press time, SOL is trading near $240 and has registered a price drop of 1.75% in the past 24 hours. During the same period, its trading volume has fallen by 3%, indicating reduced participation from traders and investors amid ongoing price consolidation.</p>

Solana’s 4th Position at Risk, Will XRP Beat SOL?

Table of Contents

CoinPedia News

Other articles published on Nov 30, 2024

Elon Musk and Vivek Ramaswamy to Propose Government Reforms, Dogecoin Price Eyes $1 Breakout

Cardano’s (ADA) Bullish Revival: Network Activity Hits 840K Transactions

DOGE Price Prepares to Hit its Previous ATH of $0.73 With a Following Pump of Over 63%, prepare f...

Ripple RLUSD Stablecoin Poised for NYDFS Approval Amid Market Anticipation

Cardano Increases in Value as Whales Influence the Market

5 Best Meme Coins to Invest in December for Huge Profits in 2025

Join our free newsletter for daily crypto updates!