SOL Closes Below Its September Dip, Ending Its Run of Rising Lows

SOL trades near $95.8 on the first day of November. The token finished the month down about 19% in October.

On 29 October, SOL closed below its last clear dip at $95.82. That ended its run of rising peaks and rising dips.

How SOL Broke Its Pattern of Rising Dips

The level that gave way was $95.82, where the price had turned up by a clear margin. That turn came on 15 September.

Before the break, each peak topped the last one and each dip stopped above the last dip. That is the shape of a rise, and the 29 October finish below $95.82 ended it.

On 31 October, SOL ended the day at its lowest level in 30 days.

The price broke below its last swing low at $95.82. Source: Binance SOL/USDT daily prices, to the 31 October daily close, computed by www.altcoinbuzz.io.

Thin Trading, Fund Outflows and a Rising Long-Term Line

Trading on Binance came to $70.6 million on 31 October. That was about a third of its 20-day average.

On 29 October, spot SOL exchange-traded funds (ETFs) lost $28 million, SoSoValue data showed. It was their fourth straight session of net outflows, with more money leaving than coming in.

One measure points the other way. SOL still trades about 8% above its 200-day average of $88.85. That is the average closing price of the last 200 days, the line most often used for the long-term trend. The line is still rising.

SOL Sits Between a $92.50 Floor and $97.30 Ceiling

A daily close is the last price of the day. The nearest ceiling, a price where rises have stopped before, is $97.30, about 1.6% above.

A daily close above $97.30 would leave $113.16 as the next ceiling. That level sits about 18% above the current price.

The nearest floor, a price where falls have stopped before, is $92.50, about 3% below. A daily close below $92.50 would leave $83.98 as the next floor. That level sits about 12% below the current price.

A daily close above $97.30 or below $92.50 would change the picture. Source: Binance SOL/USDT daily prices, to the 31 October daily close, computed by www.altcoinbuzz.io.

Until a daily close lands above $97.30 or below $92.50, SOL trades between its nearest ceiling and the floor beneath it.