Solana (SOL) Price Analysis 10/31: Will The Bullish Rally Continue?

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Solana (SOL) Price Analysis 10/31: Will The Bullish Rally Continue?

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?

Solana (SOL) price analysis

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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Solana price chart

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.

solana (sol) price chart

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.

Solana hourly price chart

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).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.