Today, we look at the price analysis for Solana (SOL) one of the largest cryptocurrencies by market cap. The global crypto market has continued with the bullish sentiment today October 31.
The Crypto Fear and Greed Index stands at 72 indicating bullish sentiment according to data from CoinMarketCap. Even though the majority of the tokens in the market are experiencing gains, some are more bullish than others. One such token is Solana. According to Coinstats data, the bulls might no longer have the energy to keep rising.
Solana (SOL) price analysis
Over the last 24 hours, the price of Solana has increased by 4.89%. At press time, Solana (SOL) is the highest gainer among the top 10 cryptocurrencies on the chart, but will the bullish rally continue?
Source: Coinstats
Looking at the hourly time frame on the SOL chart, the price has established a local peak at $36.98. If the price of the token does not get to that level at the end of the day, traders can expect a drop to the $35.56 level.
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Source: TradingView
Observing the bigger chart, traders must keep an eye on the $33.90 level. Solana has a higher chance of a steady rise if the price remains above this level. Nevertheless, it might take more time before we see the price of SOL go up to the $40 level.
Source: TradingView
On the SOL/BTC daily chart, a similar pattern can be seen. Until the price is above the 0.0010252 level, buyers will dominate the market over sellers. Consequently, we might likely witness a surge to the 0.0011 level until the middle of November.
Source: TradingView
Solana (SOL) price today
According to live data from Coinstats, Solana (SOL) is currently changing hands at $36.5 representing a 4.98% rise over the last 24 hours. What is more, SOL has a 24-hour trading volume of $1,412,992,218.759 ($1.4 billion) and is ranked #7 on the global crypto market chart with a live market cap of $15,304,556,581.929 ($15.3 billion).
Read more:
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- Solana Unique Users Doubles Within the Past Month
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.