Solana (SOL) recorded an impressive double-digit gain in October, marking its first strong performance in several months. This rally has fueled bullish sentiment among analysts, many of whom predict that Solana’s price in November could bring further upward momentum for the altcoin.

But what should investors expect from Solana this month? In this analysis, BeInCrypto reveals some analysts’ targets and signs from crucial indicators.

Analyst Expectations Differ for Solana

At press time, Solana’s price stands at $166, marking a 22% surge over the past 30 days. Pseudonymous trader Crypto General notes that SOL’s outperformance of Bitcoin (BTC) hints at further gains for the altcoin this month.

“SOL is showing great strength from the past few weeks, defying the BTC dumps but pumping along with BTC pumping. No doubt it is one of my favourite coin for this season and I am targeting a minimum of $290 in the coming weeks,” Crypto General posted on X (formerly Twitter).

Additionally, the Sharpe ratio has surged into positive territory after remaining in the red from July to September. The Sharpe ratio measures returns by adjusting for risk, making it a popular tool for comparing asset performance.

A negative Sharpe ratio indicates that the potential return may not justify the risk. However, now that it’s positive, Solana’s price shows potential for further gains in November, supporting a bullish outlook.

Read more: 7 Best Platforms To Buy Solana (SOL) in 2024

Contrary to Crypto General’s prediction, analyst Benjamin Cowen says 

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Author: Victor Olanrewaju