• Solana price triggers a theoretical long entry from recent analysis.
  • New all-time highs are likely to continue as Solana enters price discovery mode.
  • Downside risks present near the $260 value area.

Solana price has been on an absolute tear during the first few days of November. Compared to Ethereum and Bitcoin, Solana doesn’t appear to have near the amount of reservation or indecision when it comes to pushing new highs.

Solana tags the $250 value area but bears likely to take over if momentum drops near the $260 value area.

Solana price triggered a long entry from a previously identified trade setup on October 28th. The hypothetical entry was a buy stop at $225 with a stop loss at $205 and a projected profit target of $355. The entry was based on the break out of a double-top that confirmed a bullish Point and Figure pattern known as the Bearish Fake-out. The Bearish Fake-out pattern develops when price drops two boxes below a multiple-bottom followed by a subsequent new X-column that retraces higher and creates a breakout above a multiple-top.

SOL/USDT $5.00/3-box Reversal Point and Figure Chart

There are some immediate downside risks that should be observed. The current X-column has thirteen Xs in it. If Solana price moves to $260, that will add two more Xs to that column for a total of fifteen. Fifteen or more Xs or Os in a single column is a Point and Figure pattern known as a Spike Pattern. Spike Patterns are a risk, especially when an instrument is in price discovery mode. The entry on any Spike Pattern is the three-box reversal with a three-to four-box trailing stop-loss. Initial profit targets are generally between the 50% and 61.8% Fibonacci retracement levels of the current swing - that would mean a return to the $215 to $225 value areas.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP