Solana (SOL) enters November with strong bullish momentum, setting the stage for a potential breakout rally. The altcoin is benefiting from a series of positive developments recorded throughout October. 

After weeks of consolidation, optimism for a strong upward move in the coming month is being fueled.

Solana Has Considerable Support

Institutional investors have continued to show remarkable confidence in Solana over the past four weeks. Since early October, SOL has recorded more than $381 million in inflows from institutional players — exceeding the combined inflows of all other altcoins. 

This surge in capital highlights growing conviction in Solana’s long-term potential and its emerging dominance in the Layer-1 blockchain sector. Despite a largely bearish October for the broader crypto market, institutions maintained steady buying activity. 

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Solana Institutional Flows. Source: CoinShares

The HODLer Net Position Change metric adds to the bullish narrative. The recent receding red bars signal that selling pressure from long-term holders is easing. This is a positive shift considering September and half of October were marked by persistent LTH selling, which had previously weighed heavily on SOL’s price performance.

If this trend continues into November and transitions into accumulation, Solana’s market structure could strengthen considerably. Renewed long-term holder confidence often supports sustainable price growth, making this decline in selling a crucial factor for a potential rally.

Solana HODLer Net Position Change. Source: Glassnode

What Does The History Say?

Historically, November has been one of the strongest months for Solana investors. Data shows an average monthly return of 13.9% and a median return of 27.5% for this period. 

This seasonal strength reinforces market confidence, helping attract new inflows and strengthening bullish momentum across the broader ecosystem.

Solana Monthly Returns. Source: CryptoRank

SOL Price Awaits Breakout

Solana’s price is sitting at $198 at the time of writing, right under the $200 mark. Adding bullishness to the expectations is the fact that SOL is moving within a flag pattern. This bullish pattern tends to hint at a breakout rally following a period of sideways movement.

BeInCrypto predicted a bullish breakout recently, and SOL seems to be moving in that direction. The breakout would be confirmed once Solana’s price crosses the $213 resistance, enabling a rise towards $232 and higher.

Solana Price Analysis. Source: TradingView

On the other hand, if the breakout fails, Solana’s price could fall back down into the pattern. At the same time, if Solana’s price fails to breach $200, it could end up falling back down to $175, invalidating the bullish thesis