Solana Price Prediction, will it reach $200 again in November?
The significant decline in the crypto market over the past month has also had a deep impact on the price of Solana. Its price has dropped by about 30% from $233 to $158 in the last 30 days. However, the recently launched ETF and new partnerships have improved the outlook for it. This is why we are discussing Solana Price Prediction today.
Impact of SOL ETF and its new partnerships
The SOL ETF launched on October 28 and 29 has seen continuous inflow for 7 days. This happened even when Bitcoin and Ethereum ETFs saw net outflow. This indicates institutional interest in what is said to be the world's fastest blockchain. It is clear that traditional buyers also see great potential in it.
On the other hand, the startup Harmonic initiated by Solana has received $6 million in funding. This funding will be used to increase its speed. This could further enhance the adoption of this blockchain.
This is why strong positive sentiment is being observed in the Crypto Market regarding it.
Current Status of Solana Price
Source: This image is taken from CoinMarketCap.
Today, November 6, the SOL Token is trading at $158.87 with an increase of 2.45% in the last 24 hours. Meanwhile, its trading volume has seen a decrease of about 50%. This decline could be a result of the fear spread after the drop in the Crypto Market over the last 2 days.
Its current RSI is 43, indicating a neutral condition. However, it is currently trading below the 20, 50, and 200-day Simple Moving Averages, indicating strong bullish momentum.
However, the ongoing decline is not coin-specific but a result of the bearish sentiment prevailing in the entire crypto market. If there is an improvement in macro sentiment, there is potential for strong momentum.
Which factors will affect Solana Price
The following factors are likely to influence the price of the SOL Token in the coming weeks:
Crypto Market Performance: The macro sentiment of the crypto market also impacts this. In such a case, if bullish sentiment comes, this token could also make a strong recovery.
SOL ETF Performance: Its ETF has performed better than other Altcoin ETFs since its launch. However, due to the bearish market, its performance is still not that great. If there is an improvement in its performance in the coming times, it will directly affect the SOL Token Price.
Increase in Adoption: It is facing tremendous competition from the BNB Chain. If Harmonic's efforts improve its speed further, it could regain its old position between Memecoin Launch and GameFi Projects.
This token has all the potential for an increase, but currently, bearish sentiment is dominating the crypto market. If there is an improvement in the future, its price may also see a sharp increase.
Solana Price Prediction, what is its next target
The SOL Token has seen a decline of 15% in the last 7 days; however, the market has stabilized somewhat today, November 6. Recent developments have created a positive atmosphere for it. Conversely, due to the bearish macro sentiment in the crypto market, this Altcoin is also facing a significant decline. The big question is what its price targets could be in case of an increase or decline.
Bullish Scenario
If the decline in the crypto market subsides, a strong recovery is possible due to the new funding received by ETF and Harmonic, creating a favorable environment for it. In such a case, its price could reach between $200 and $220 by the end of November.
Bearish Scenario
Despite the support for the ETF, the macro sentiment is dominating its price. If the decline in the crypto market continues in this manner, the SOL Token could trade between $135 and $150 by the end of November 2025. The possibility of a significant decline is low due to ETF Support.
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Disclaimer: This article is written for educational purposes. The crypto market is volatile; make sure to do your research before any investment.
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