Market analyst Trader-Saylor has suggested that Solana will retest its late October highs if it holds the support zone from its long-term uptrend line.
Solana surged to a three-month high of $182 on October 29 as the market gained bullish momentum. However, the fifth-largest cryptocurrency faced a rejection at the resistance level, falling over 9% to trade at its current price.
Analyst Trader-Saylor noted that he expected the correction as the general outlook among investors had turned skeptical. The analyst cited global economic unrest, surging inflation, and the Federal Reserve’s unwillingness to slash interest rates as factors sponsoring the downtrend.
However, he noted that Solana could still retest the levels above $180, where it was rejected late in October. In a TradingView analysis on November 4, the market speculator gave a crucial level Solana needs to hold before making this bullish push.
Analyst Gives Major Support to Watch
Trader-Saylor asserted that Bitcoin needs to hold the support zone from its long-term uptrend line before a course reversal. The 1D chart accompanying the analyst’s commentary shows that this support lies around $151.7
Notably, SOL would have to correct 7.9% from the current market price to reach the supply zone. According to the analyst, a bounce from support and amid growing investor traction will ensure the coin retests the $180 level.
Market Speculator Gives Conflicting Market Outlook
While Trader-Saylor expects further correction to $151.7 for Solana, analyst Jappier 24 speculates that the “Ethereum killer” would trend higher from the current market price. In a TradingView analysis today, Jappier argued that a Solana upside is likely.
He noted that the recent Solana consolidation was to “catch traders on the wrong side of the market.” However, the analyst insisted that the higher timeframe structure still looks bullish and expects further uptrends.
Jappier’s chart shows an imminent breakout from a bullish expanding triangle on the SOL/USDT 4-hour timeframe. The analyst asserted that the breakout would push Solana to $174.12 before its next stop at $194.53. Meanwhile, he sees the altcoin trading at $200 within this month.
In the meantime, Solana exchanges hands at $163.15, with a meager downside in the last 24 hours. However, the fifth-largest cryptocurrency by market cap is up 292% in the past year, outperforming most high-caliber assets.
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