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Solana (SOL) Price Analysis for October 31

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Tue, 31/10/2023 - 18:00
Solana (SOL) Price Analysis for October 31
Cover image via www.tradingview.com

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Bulls might have run out of energy to keep rising, according to CoinStats.

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SOL chart by CoinStats

SOL/USD

The price of Solana (SOL) has increased by almost 4% since yesterday.

Image by TradingView

On the hourly time frame, the price of Solana (SOL) has set a local peak at $36.98. If the rise to that mark does not continue by the end of the day, one can expect a decrease to the support of $35.56. 

Image by TradingView

On the bigger chart, traders should pay attention to the level of $33.90. Until the price is above that mark, buyers have chances for a continued rise. 

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However, it might take time until the upward move to the $40 zone.

Image by TradingView

A similar picture can be seen on the daily chart against BTC. Until the rate is above 0.0010252, buyers are more powerful than sellers. In this case, traders are likely to see a further rise to the 0.0011 area until mid-November.

SOL is trading at $36.11 at press time.

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