Solana Price Analysis — November 5

Following an eleven-day sideways pattern between $216 and $185, SOL finally retook its previous $216 record high, facilitating a parabolic run to the $250 top in the early Asian session today. That said, the cryptocurrency has swung dangerously close to overbought conditions at 12.95 on my 4-hour MACD technical tool, indicating a possible slowdown in the near term. The fourth-largest cryptocurrency recorded a mild correction to the $240 level as bulls prepare for the next leg-up. I expect a short sideways momentum over the coming days under $250 to ease the trading condition before attempting the $260 zone.

Meanwhile, our resistance levels are $250, $260, and $270, and our key support levels are $230, $220, and $216.

Total Market Capitalization: $2.71 trillion

Solana Market Capitalization: $72 billion

Solana Dominance: 2.7%

Market Rank: #4