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

Updated: 08 November 2022

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

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.