Solana Price Prediction for Today, November 1 – SOL Technical Analysis

The Solana price prediction reveals that SOL may continue to follow the bullish movement as the coin touches the resistance level of $41.82.

Solana Prediction Statistics Data:

• Solana price now – $40.78
• Solana market cap – $17.6 billion
• Solana circulating supply – 419.4 million
• Solana total supply – 561.4 million
• Solana Coinmarketcap ranking – #7

SOL/USD Market

Key Levels:

Resistance levels: $50, $55, $60

Support levels: $30, $25, $20

According to the daily chart, SOL/USD is moving to a touch resistance level of $42 as the coin heads to the upside. However, traders can see that this crypto’s difficult period is over as it is trying to create a new trend. The Solana price is currently trading at $40.78 after touching the daily high of $41.82 above the 9-day and 21-day moving averages.

Solana Price Prediction: Solana (SOL) Increases the Bullish Movement

At the time of writing, the Solana price continues with the upward movement, a break above the upper boundary of the channel may encourage more buyers to increase their entries, which could later push the price toward the resistance levels of $50, $55, and $60. On the downside, any bearish movement below the 9-day moving average could gain traction with the next focus at $35 support.

Moreover, if the support level of $35 is broken, the downside pressure may increase while the critical supports may be located at $30, $25, and $20. Meanwhile, the 9-day MA is still hovering above the 21-day moving average which confirms the bullish movement within the channel.

SOL/BTC Bulls Dominate the Market

Against Bitcoin, the Solana price is exchanging hands above the 9-day and 21-day moving averages, a daily close above the upper boundary of the channel could encourage the bulls to extend the rally toward 1400 SAT and above while a close below the moving averages could reverse the Solana price direction toward the daily support at 1100 SAT.

However, any further bearish movement could take the coin to the support of 1000 SAT and below. Meanwhile, there is a possibility that SOL/BTC may continue the bullish trend if the buyers increase the pressure within the channel.

Solana Alternatives

The Solana price is at the moment showing a positive movement as the market moves to cross above the upper boundary of the channel. Meanwhile, the Solana price still needs to create additional gains and traders can expect the price to continue to rise as soon as it crosses above the channel.

SOL has a multi-billion market cap. Therefore a presale with a low market cap might have more upside potential in the long term. On that note, Bitcoin Minetrix is the leading tokenized cloud mining platform which opens doors for everyday people to participate in decentralized Bitcoin (BTC) mining. However, the tokenization mechanism guarantees a secure and transparent mining experience. Therefore, investors can buy the token now as the ongoing presale raised over $3m.