Solana (SOL) has enjoyed a healthy rally over the last few days. The asset is up by 0.7% in the daily charts, 2.3% in the weekly charts, 15% in the 14-day charts, and 10.3% over the previous month. The popular cryptocurrency is also up by 438.7% since late October 2023.
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Why Is The Coin Rallying?
SOL seems to be outperforming the larger crypto market. The asset’s Relative Strength Index (RSI) has also fallen from overbought territory. Investors may have noticed this development and begun purchasing the asset.
SOL-based meme coins have taken center stage this year, with coins such as Dogwifhat (WIF), Pepe (PEPE), Bonk (BONK), etc., making waves in the charts.
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Pumpfun, an SOL-based application for generating meme coins, is also gaining popularity. Since mid-October, the platform has seen more than 20,000 coin launches daily.
Both developments may have boosted Solana’s price.
Solana’s Price For November 1, 2024
According to CoinCodex’s analysis, SOL will hit $176.21 on Nov. 1, 2024. Hitting $176.21 from current price levels will result in a rally of about 1.32%. CoinCodex does not anticipate SOL’s rally to cool, predicting the asset to breach the $200 mark in November, a level last seen in April 2024. The platform anticipates SOL to trade at $201.41 on Nov. 26, 2024, a rise of about 15.81% from current levels.
Changelly, on the other hand, presents quite a bearish picture for Solana (SOL) in November. The platform anticipates the asset to trade at a maximum price of $157.27 in November, a dip of about 9.56% from current price levels.
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If the cryptocurrency market enters another bull run next month after the US Presidential elections, SOL’s price could breach the $200 mark much sooner than predicted. Many analysts anticipate a market-wide rally if Donald Trump wins the elections due to his pro-business and pro-crypto stance.