Solana Price Analysis — November 26

SOL has maintained a steady downward bias since it reached its peak at $260 earlier this month. That said, the fifth-largest cryptocurrency has completed a descent to my multi-month ascending trendline around $185. This sustained bearish move comes amid a marketwide sell-off following a renewed COVID-19-induced FUD. While SOL appears to have touched the bottom of this downtrend, the risk of a sustained drop to the $180 - $170 axis remains unabated. However, a bullish push to the $200 round figure over the coming hours could forestall a drop to the $180 axis.

Meanwhile, my resistance levels are $200, $209, and $216, and my support levels are $182, $170, and $160.

Total Market Capitalization: $2.43 trillion

Solana Market Capitalization: $57.2 billion

Solana Dominance: 2.35%

Market Rank: #5