Solana (SOL) enters November with strong bullish momentum and is poised for a potential breakout rally. Altcoins have benefited from a series of positive developments recorded throughout October.
After weeks of consolidation, there is growing optimism for a strong rally next month.
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Solana has received considerable support
Institutional investors have continued to show significant confidence in Solana over the past four weeks. Since early October, SOL has recorded over $381 million in inflows from institutional investors, which is more than all other altcoins combined.
This surge in capital highlights growing confidence in Solana’s long-term potential and emerging dominance in the layer 1 blockchain space. Even though October was mostly bearish for the overall cryptocurrency market, financial institutions maintained strong buying activity.
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The HODLer Net Position Change indicator further strengthens the bullish narrative. The recent pullback of the red bar indicates that selling pressure from long-term holders is easing. This is a positive change considering that September and half of October were characterized by relentless LTH selling, which previously weighed heavily on SOL’s price performance.
If this trend continues into November and shifts to accumulation, Solana’s market structure could be significantly strengthened. Renewed confidence among long-term holders often supports sustained price increases, and this reduction in selling is a key factor in potential upside.
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What does history say?
Historically, November has been one of the strongest months for Solana investors. According to the data, the average monthly return during this period was 13.9% and the median return was 27.5%.
This seasonal strength strengthens market confidence, attracts new inflows, and helps strengthen bullish momentum across the broader ecosystem.
SOL price waits for breakout
Solana costs $198 at the time of writing, just under $200. Adding bullishness to the forecast is the fact that SOL is moving within a flag pattern. This bullish pattern tends to suggest that a breakout rally will occur after a period of sideways movement.
BeInCrypto has recently predicted a bullish breakout and SOL appears to be moving in that direction. If Solana price crosses the $213 resistance level, a breakout will be confirmed and a move higher towards $232 and above will be possible.
On the other hand, if the breakout fails, Solana’s price could fall back into the pattern. At the same time, if Solana’s price fails to break above $200, it could eventually fall to $175, invalidating the bullish theory.
