Solana Price Prediction for Today, 08 November: SOL Retests Previous Low at $24 Level

Disclosure

Updated: 08 November 2022

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Bulls may dominate Solana market soon

Solana Price Analysis – 08 November

When sellers increase their momentum price may be pushed below the support level of $27 and it may reduce to $25 and $20 price levels. In case bulls defend the support level of $27, Solana may change to a bullish direction toward the resistance level of $30, $32, and $34.

SOL/USD Market

Key Levels:

Resistance levels: $30, $32, $34

Support levels: $27, $25, $24

SOL/USD Long-term Trend: Bearish

On the daily time frame, Solana is on the bearish movement. The crypto bounced up from the support level of $27 on 22 October when the sellers’ momentum became weak. Solana increased to the resistance level of $38 after it broke up the resistance levels of $31 and $34. Sellers reacted against the price increase with the formation strong bearish candles. Yesterday, the price was reduced to $24 support level.

Solana is trading below the 9-period and 21-period EMAs as an indication of bearish movement. When sellers increase their momentum price may be pushed below the support level of $27 and it may reduce to $25 and $20 levels. In case bulls defend the support level of $27, the price may change to a bullish direction toward the resistance level of $30, $32, and $34.

SOL/USD Medium-term Trend: Bearish

On the 4-hour chart, Solana is bearish. An evening Doji candle pattern formed at the resistance level of $38 on 05 November signaling to the traders that bears are ready to dominate the Solana market. More bearish candles were produced and the price declined toward the support level of $24. The former support levels of $32 and $30 have turned to resistance levels.

However, the relative strength index period 14 is at 36 levels and the signal line is pointing up to indicate a buy signal which may be a pullback.

The IMPT Presale Is Ongoing

The IMPT presale continues with a worth of over $12m realized within a few weeks. The Impact Project is focused around changing the way that carbon credits are managed. It acts as an intermediary between the ESG industry and the crypto world.