The ongoing Bitcoin-led rally has been taking different turns. While Bitcoin (BTC), the world’s largest cryptocurrency, managed to secure a new all-time high, Solana (SOL) could be following suit. The altcoin’s market cap was also seen growing. Not only did SOL take over Binance Coin (BNB), but it has also managed to surpass Airbnb. Solana’s market cap is $93.75 billion, while Airbnb’s value stands at $93.20 billion.
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Can Solana Record A New High This Month?
Last year, the Solana network shocked the entire market with its jump from a low of $41 above $200. The asset could be mirroring a similar pattern. This week, Solana went from a low of $155 to a high of $200. The asset rose by nearly 20% over the past seven days. At press time, SOL traded at $197.72 following a 5.23% rise over 24 hours.
Several believe that the asset’s latest rise is linked to the possibility of a Solana ETF’s debut in the future. Although some optimism is driving up the price of Solana, the timing is still too distant to have a significant effect on the present price.
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November Price Prediction
It looks like the asset will likely experience a slowdown this month. SOL hit an all-time high of $260 about three years ago. The asset currently trades 23% below this peak. While $300 seems like a significant price level for SOL, CoinCodex was slightly bearish this time.
According to data from CoinCodex, the maximum price that SOL will trade at this month is $227.38. The average price of Solana will remain around $210. The lowest that SOL will dip to is its current price level of $197. Other factors, like the overall growth of the cryptocurrency market and bullish news for the industry, could boost the price of Solana.
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