Solana has emerged as a key player this year and has effectively eliminated competition. SOL has also become one of the most trending crypto tokens of the year, lately delivering stiff competition to major altcoins. That being said, will SOL be able to claim a new price high this November? Let’s explore the possibilities.
Solana Beats Other Altcoins, Establishes Robust Market Reputation
Solana has noted a significant price decline since May. The token had earlier touched the ambitious price mark of $250 in 2021 and has plummeted dramatically to hit new lows since then.
However, the token remained a magnet for meme coin production, attracting heavy attention when launching meme coins on Solana. Per Solana Floor, nearly 40,000 new meme coins were made on Solana, following the meteoric success of the domain recently.
“NEW: Over 40,000 new tokens created on @Solana in the last 24 hours, driven by the surging popularity of memecoin.”
In another post highlighted by the portal, Solana has hit a new high of $172 and has reclaimed its $80 billion market cap. Santiment also outlined the bullish sentiment, which took X to share an update on Solana’s price recovery.
The platform shared how Solana continues to outpace other altcoins, with signs showing Solana’s possible recovery to hit a new high very soon.
“Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap assets continue to be a prime example of how the crowd usually gets it wrong. View the current bearish sentiment as a sign SOL can continue to pump.
The Token’s Price Prediction for November
With such positive developments, SOL may be a dependable crypto token to explore. Per CoinCodex, SOL may hit a new price mark of $196, surging 13%.
“According to our current SOL price prediction, the price of SOL is predicted to rise by 13.61% and reach $196.79 by November 22, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 71 (greed). Solana recorded 15/30 (50%) green days with 4.92% price volatility over the last 30 days. Based on the Solana forecast, it’s now a good time to buy SOL.”
