Solana (SOL) has been one of the leading cryptocurrencies throughout this bull run, seeing a 66.8% jump in the last three months to its latest all-time high (ATH) and flipping other rivals. Despite its remarkable rally, SOL has recently lost the spotlight to Altcoins like XRP, risking a major correction in the coming days.<\/p>\n
Solana has outperformed most of the market during this cycle, leaping over 231% in the last year. The ecosystem has been the talk of the town, with Solana-based memecoins leading the market\u2019s narrative and SOL\u2019s DeFi activity outpacing<\/a> Ethereum\u2019s.<\/p>\n Less than a month ago, the cryptocurrency\u2019s bullish rally saw the altcoin surpass Binance Coin (BNB) as the fourth-largest token by market capitalization. SOL saw its price rise near the $200 zone, propelling its market capitalization to $88 billion on November 6.<\/p>\n Since then, its market cap has surged nearly 20% to $105 billion, but SOL\u2019s momentum has begun to slow down as other cryptocurrencies pick up steam. On Sunday, XRP flipped Solana and Tether (USDT) to become the third-largest crypto by market cap, sending SOL to the fifth position<\/a>.<\/p>\n XRP\u2019s milestone made some investors and market watchers worry about SOL\u2019s future performance since the cryptocurrency has experienced a 14% retrace from its latest ATH of $263 nine, recorded nine days ago.<\/p>\n Crypto analyst Income Sharks noted<\/a> that Solana displays a bearish structure on its lower timeframe chart. According to the post, the altcoin has been forming a Head and Shoulders (H&S) pattern in the past month after a three-week diagonal trendline break, suggesting a trend reversal for Solana.<\/p>\n On Sunday night, SOL dropped below the $230 mark, hitting its lowest price since November 15 and breaking below the pattern\u2019s neckline. This could potentially send Solana to retrace around 10% and test its previous support zone between the $200-$210 range.<\/p>\n Similarly, crypto analyst CRG noted<\/a> that a retest of these levels would be possible before bouncing to new highs.<\/p>\n Despite the recent retrace, several crypto watchers consider SOL\u2019s rally is far from over, highlighting the token\u2019s strength throughout the cycle and its achievements. Crypto Jelle pointed out<\/a> that Solana still targets the $400-$600 in its price discovery mode after it broke out of an 8-month bullish pennant in November and \u201clocked in a monthly breakout too.\u201d<\/p>\n Likewise, Rekt Capital noted<\/a> that the cryptocurrency recorded a historic close this November, as it saw its \u201cHighest candle-bodied Monthly Close of all-time.\u201d Other analysts also concurred, hinting that investors should remain optimistic about the $400 target as momentum remains strong.<\/p>\n Moreover, Solana displays<\/a> a multi-year Cup & Handle pattern, which has a potential 100% rally to the $400 target after last month\u2019s breakout from the handle\u2019s trendline. SOL records a 5.3% and 7.2% decline in the daily and weekly timeframes but shows a 36.3% surge<\/a> in the last month.<\/p>\n As of this writing, Solana is trading at $224, with a 97% increase in its daily trading volume.<\/p>","protected":false},"excerpt":{"rendered":" Solana (SOL) has been one of the leading cryptocurrencies throughout this bull run, seeing a 66.8% jump in the last three months to its latest all-time high (ATH) and flipping other rivals. Despite its remarkable rally, SOL has recently lost the spotlight to Altcoins like XRP, risking a major correction in the coming days. Solana […]<\/p>\n","protected":false},"author":0,"featured_media":25231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25230"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25230"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25231"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SOL Sees Historic November Close<\/h2>\n