Solana is hovering around the $32 mark on Monday after rallying to $38.03 on Saturday. SOL reached $38 levels for the first time in November 2022 since mid-August. The crypto has been repeatedly rejected around $40 levels in the last three months and failed to go above the resistance levels. SOL is down nearly double digits today and is shedding most of the gains it generated during the weekend.
The cycle of reaching $38 from $32 is being repeated since August and SOL is unable to pull above its weight beyond these levels. The crypto markets dipping due to global macroeconomic factors are the reason for Solana’s lackluster performance this year.
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Pseudonymous crypto analyst Cantering Clark predicted that Solana could rally in November 2022 and breach its resistance levels reaching $40. The analyst predicts that if SOL finds support at $40, its next leg could be $50 by the end of the year.
“Solana has 5 months favoring these lows, and because of that, the POC has shifted to the low. I think it’s safe to say that enough people committed to lower, or to the sidelines. Such that if we reclaim last months highs we see 40$+ easily. SOL,” he predicted to his 150,000 followers.
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Solana November 2022: Why Are Analysts Bullish?
Google Cloud computing services announced a collaboration with Solana and will bring Blockchain Node Engine to the platform. The development is set to move ahead in early 2023. The search engine giant announced that it will “make it easier for the Solana developer ecosystem to access historical data.”
Google will also bring its credits program to “select startups in the Solana ecosystem”. The collaboration comes with a grant of $100,000 in the Cloud Credits program available for selected applicants.
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Crypto analysts believed that SOL could pump in price after Google Cloud’s announcement about collaborating with Solana. Therefore, they believe that SOL at $32 could be a prime investment before it heads to $40 and $50 after the development.
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At press time, Solana was trading at $31.63 and is down 12% in the 24 hours day trade. It is also down 87.7% from its all-time high of $259, which it reached in November last year.