Solana and Cardano Poised to Challenge All-Time Highs as November Bull Rally Gains Momentum

The November bull rally is gaining serious momentum, driven by the aftermath of the U.S. election and renewed optimism across the crypto market.

November’s bull rally is showing no signs of slowing down, with major cryptocurrencies like Bitcoin and Ethereum posting double-digit gains over the past week. This bullish momentum is also being felt by some of the smaller coins in the top 50, with Solana (SOL) and Cardano (ADA) both surging over 20%.

Solana, the smart contract platform known for its high transaction speeds and low fees, is currently trading above $200, having risen by nearly 40% over the past seven days. This surge in buying pressure has been fueled by Solana’s recent mainnet beta launch, which is designed to improve the network’s performance and scalability.

Technical analysis of Solana’s price chart shows that the coin is likely to continue its upward trend in the short term. The MACD level is currently positive at 0.005 and rising, indicating bullish momentum. The RSI is also increasing, currently at 65, suggesting that the coin is not yet overbought.

Solana is currently trading at a 70% discount to its previous all-time high of $720, which was reached in April 2022. If buying pressure continues and technical resistance is broken, Solana could quickly approach its prior highs.

Cardano, another smart contract platform, is also enjoying a strong rally, currently trading up by 27% over the past week. The coin is now approaching the next key resistance level at $0.38, having broken through the $0.35 resistance earlier this week.

If Cardano manages to continue rallying past the $0.38 resistance, the next target price level would be around $0.41, which would mark a 16% increase from current price levels. However, technical analysis shows that Cardano is currently overbought, with an RSI level of 78.

Both Solana and Cardano are performing well in this bull market, and both coins have the potential to reach their previous all-time highs if buying pressure continues and technical resistance is broken.