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Solana (SOL) Price Analysis for November 3

Price Predictions
Wed, 11/03/2021 - 15:44
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Denys Serhiichuk
Any energy left for Solana (SOL) to keep the rise?
Solana (SOL) Price Analysis for November 3
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Solana (SOL) is rising the most today among the top 10 cryptocurrencies. The altcoin has set a new peak and increased by more than 10%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

SOL/USD

On the hourly time frame, Solana (SOL) is facing a short-term correction after a new high at around $230.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

From the technical point of view, the ongoing correction may continue until Solana (SOL) touches the EMA 55. The selling trading volume is low, which means that there is high potential to see a bounceback from that zone.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

On the 4H chart, the decline might be more profound if bulls cannot hold the altcoin above $220.

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In this regard, the price decrease may get SOL back to the closest support at $219. In case sellers break it and fix below, bulls might lose their initiative in terms of further growth.

SOL/USD chart by TradingView
SOL/USD chart by TradingView

On the longer time frame, Solana (SOL) might face a short-term decline before making another effort to update the peaks.

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Such a scenario is confirmed by a deep pullback after a new high at $235. If the decline occurs, the drop may lead SOL to the resistance at $214 soon.

SOL is trading at $225.66 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.