Solana Price Analysis – November 3
The Solana price is seen rising with a soaring momentum as the coin breaks above to reach the all-time high at $246.
Resistance levels: $280, $300, $320
Support levels: $200, $180, $160
SOL/USD is seen hovering above the 9-day and 21-day moving averages within the channel but in the past few days, traders have seen the Solana price moving at a high speed in the market. However, the market is projecting a volatile movement where Solana may continue to follow the bullish movement.
Solana Price Analysis: SOL Price Aims Higher
As the daily chart reveals, during the European session, the Solana price crosses above the upper boundary of the channel to create the new all-time high of $246 resistance level. However, any fall-back-formation below the 9-day and 21-day moving averages may bring the price to the support levels of $200, $180, and $160 after which it can cross below the lower boundary of the channel.
Moreover, considering a continuous upward trend for this coin, SOL/USD could once again surge above the upper boundary of the channel to hit the potential resistance levels of $280, $300, and $320 in the long-term bullish. To confirm this, the technical indicator Relative Strength Index (14) is crossing into the overbought region at the moment, suggesting more bullish signals into the market.
SOL/BTC Market: Solana Price Sets for Additional Uptrends
When compares with Bitcoin, the Solana (SOL) is seen trading above the 9-day and 21-day moving averages within the channel where the price is expected to break above the upper boundary of the channel. However, should the price succeeds, then, it may continue an upward trend which could touch the potential resistance level of 4500 SAT and above.
On the contrary, if the SOL price crosses below the 9-day and 21-day moving averages, the coin is expected to touch the support at 2800 SAT and below. Moreover, the technical indicator Relative Strength Index (14) moves into the overbought region which reveals that the Solana price may focus on the upward movement to start generating more bullish signals into the market.