One Cryptocurrency Trading Below the Resistance Levels- Solana (SOL)

Crypto Market Round-Up

Typically, cryptocurrencies are termed as digital currencies and use blockchain technology to record every transaction. Solana (SOL) remains one of the leading Layer-1 blockchain networks, known for its high throughput, low transaction costs, and strong developer activity. As of early November 2025, the network continues to consolidate its position among the top-performing digital assets despite recent market volatility. SOL has a market capitalization of ~USD 88.02 billion (as per TradingView as of November 06, 2025).

For the week ending October 31, 2025, the S&P Cryptocurrency Broad Digital Market (BDM) Index recorded a modest decline, slipping 57.97 points, or 0.91%, to close at 6,297.10. The index began the week on a negative note but managed to hold its support levels, reflecting underlying strength across the digital asset space. As trading resumed on November 3, the index maintained a resilient stance amid a generally bullish tone in the broader cryptocurrency market. However, notable pullbacks in major assets such as Bitcoin and Ethereum tempered optimism and weighed on overall market sentiment.

Having understood the S&P Cryptocurrency BDM Index movement over the last week and the scenario for the upcoming week, one crypto that seems ‘Bearish’ at the current level appears to be Solana (SOL) Perpetual Futures based on the below technical parameters: -

Solana (SOL):

Noted below are the generic insights, indicative entry price, support, and resistance levels for the next 1-2 weeks duration for the SOL:

Entry level and Resistance Levels as mentioned herein are only indicative in nature as per trend analysis and further evaluation is required when looking at cryptocurrency under discussion.

Note: The reference Information in this report has been sourced from TradingView.  

SOL Technical Analysis Summary (On the Daily Chart):

SOL is currently trading below a key horizontal resistance near $173.91, a historically important level that has repeatedly capped upward movements. The overall structure remains bearish, reflecting sustained downside momentum and a cautious market tone. Momentum indicators support this outlook, with the 14-period RSI at 33.73, indicating moderate weakness and the potential for renewed downside pressure if selling activity increases. Additionally, SOL remains below its 50-period Simple Moving Average (SMA), which continues to serve as dynamic resistance and reinforces the prevailing negative bias in the near term.

The MACD line remains positioned below the zero line, reaffirming the persistence of bearish momentum in the current trend. However, the price action is still trading below the Parabolic SAR, which continues to act as a near-term resistance indicator. Now the next support level appears to be at USD 142.000, and prices may test this level in the coming sessions (1-2 weeks).

Noted below are the illustrative points as key positives and risks when looking at Solana (SOL) in the cryptocurrency space: -

Illustrative points as Positives:

• High Throughput and Low Transaction Costs: Solana’s innovative Proof-of-History (PoH) combined with Proof-of-Stake (PoS) consensus enables it to process thousands of transactions per second with minimal fees, making it one of the fastest and most cost-efficient blockchain networks.
• Robust Ecosystem and Developer Support: Solana hosts a rapidly growing ecosystem spanning DeFi, NFTs, and Web3 applications. Strong developer engagement and continuous infrastructure upgrades contribute to its scalability and long-term network resilience.

Illustrative points as Risks: 

• Network Outages and Stability Issues: Solana has experienced several network interruptions in the past, raising concerns about its reliability and ability to handle sustained high traffic under extreme conditions.
• Centralization Concerns: The network’s validator structure requires high hardware specifications, which can limit participation and contribute to centralization risks compared to more decentralized blockchains like Ethereum.

Conclusion:

Based on the above-mentioned price action analysis and technical indicators outlook, Solana (SOL) may witness movement in the downside direction. The trend looks to be in an interesting space, and the currency looks ‘Bearish’ given the current price of USD 159.7300 as on November 06, 2025, at 9:00 AM, (GMT) Time in London, UK. However, volatility in the price should be borne in mind when looking at further evaluation for investment scenarios. Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while making investment decisions.

Related Risks: Based on the technical analysis, the risks are defined as per risk-reward ratio (~0.80:1.00), however, returns are generated within 1-2 weeks’ time frame. This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the cryptocurrency has not been considered in the decision-making process. Other factors which could impact the cryptocurrency prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.

Note 1: Trend Indications 

Bullish Trend is generally used in information services and financial reporting as a trend typified with an upward momentum in prices based on the market sentiments, overall price action, and technical analysis. Typically, Resistance Levels or Indicative Stop loss levels need to be evaluated for exit triggers. 

Bearish Trend is generally used in information services and financial reporting as a trend typified with a downward movement in prices based on the market sentiments, overall price action, and technical analysis. Typically, Support Levels or Indicative Stop loss levels need to be evaluated for exit triggers.

When we identify trends as ‘Bullish’ or ‘Bearish’ it is based on a technical analysis of the available data as we understand it and is not, and should not be considered as, either advice or a recommendation to buy, sell or hold the relevant cryptoassets.

Kalkine reports are prepared based on the crypto prices captured from either REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect crypto prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 2: How to Read the Chart?

The Green colour line reflects the 21-period simple moving average (SMA) while the red line indicates the 50-period SMA. SMA helps to identify existing price trends and if the prices trade above the 21-period and 50-period SMA, then in general it shows an uptrend trend.

The Black colour line in the chart’s lower segment is a 14-period Relative Strength Index (RSI) which indicates momentum in trend. A reading of 70 or above suggests overbought status, while a reading of 30 or below suggests an oversold status.

The Blue colour bars in the chart’s lower segment show the volume of the Cryptocurrency. The volume is the quantity that changed hands during the given period. Cryptocurrencies with high volumes are more liquid compared to lesser once and higher volumes help in easier and faster execution of the order.

The Orange colour lines are the trend lines drawn by connecting two or more price points and used for trend identification purposes. The trend line also acts as a line of support and resistance.

Technical Indicators Defined: -

Support: A level at which the Cryptocurrency prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the Cryptocurrency and if the price breaches the level, then Support 2 may act as the crucial support level for the Cryptocurrency. 

Resistance: A level at which the Cryptocurrency prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the Cryptocurrency and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the Cryptocurrency. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the Cryptocurrency prices. 

A trailing stop-loss is a modification of stop-loss in case of favourable movement in the price to protect the gains. It is suggested to Trail the Stop-Loss as per the aforementioned levels if the Cryptocurrency price achieves more than 60% of the Resistance 1. individuals, in general, might consider exiting from the position as per the Trailing Stop-Loss level if the price starts moving downwards after achieving more than 60% of Resistance 1. However, these indications need further evaluation basis associated risks and any change in trends.

The reference date for all price data, currency, technical indicators, support, and resistance levels is November 06, 2025 at 9:00 AM, (GMT) Time in London, UK.  The S&P Cryptocurrency BDM Index in this report has been sourced from REFINITIV. 

Abbreviations

CMP: Current Market Price

SMA: Simple Moving Average

RSI: Relative Strength Index

USD: United States dollar 

Note: This publication is for informational purposes only based on technical analysis and does not reflect the fundamental validity of the cryptoasset. It in no way constitutes investment advice or a recommendation to buy, sell or hold financial instruments. Trading decisions require a thorough analysis by investors taking account of a range of factors, including in relation to cryptoassets in themselves, general market trends and an investor’s own ability and appetite to take risks and bear losses. Past performance is neither an indicator nor a guarantee of future performance.

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