Although Solana (SOL) declined to $170 after reaching a high of $181, the cryptocurrency is still at a 3-month high. The coin went to the highest point at around $183.38 with a good trading volume which indicates a bullish pattern that could flip BinanceCoin.
As crypto traders lose interest in Cardano, XRP and Ethereum, SOL and SUI have drawn attention. Analysts indicate that Solana could break the $200 barrier again like it did earlier as it forms a new bullish pattern.
Meanwhile, Bitcoin neared its ATH when it touched the $73000 mark on Tuesday. The digital asset is maintaining a bullish trend around $70,000 as institutional investors are banking on it ahead of the US election.
Altcoins are also experiencing a consolidated range including Solana which is slated to surpass its yearly high of $202. SOL went through a bearish harmonic pattern near the $183.30 level which caused it to dip to $170. This pattern has created a strong horizontal zone which can cause Solana to dip further before it surges again.
At present, Solana is testing support levels which is crucial for its bullish movement in the future. SOL can go past $200 if the support level is defended and bullish sentiment continues. However, if the bearish pressure goes below $175, then SOL might drop further below its current position at $170. This will make way for long-term price consolidation for Solana.
Analysts say that SOL has activated a bearish trend between $165 and $154. As of October 31, Solana is trading at $170.19, down by 2.78% in the last 24 hours while its trading volume has declined 13.11% to touch $2.64 billion. The digital asset’s market capitalization stands at $80.05 billion.