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Solana (SOL) Price Analysis for November 12

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Sun, 12/11/2023 - 17:38
Solana (SOL) Price Analysis for November 12
Cover image via www.tradingview.com

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The market is facing a correction at the end of the week, according to CoinStats.

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SOL chart by CoinStats

SOL/USD

Solana's (SOL) rate has rocketed by more than 40% over the last week.

Image by TradingView

On the hourly chart, the rate of SOL is located close to the resistance, which means that buyers are more powerful than sellers to a certain extent. If the situation does not change by the end of the day, the growth may continue to $64.

Image by TradingView

On the bigger time frame, the price is located within yesterday's candle, which means that the rate of SOL might need time to accumulate energy for a further move.

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In this regard, consolidation in the range of $55-$60 is the more likely scenario for next week.

Image by TradingView

On the weekly chart, the rate of SOL is about to close in the bullish zone. At the moment, there are no bearish signals yet. If the bar closes near the $60 zone, the rise may lead to a test of the $70 zone soon.

SOL is trading at $59.16 at press time.

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