Technical Analysis for SOLUSD for 7th November 2022
Solana in a Breakout Despite SOL Cool Off, Support at $30
Past Performance of SOL
Solana Technical Analysis
Solana bulls are confident. Even though there is a cool-off, clear from the SOL daily chart, the uptrend is firm. Cementing this preview is the relatively low trading volumes accompanying sellers of November 6 and 7. Besides, prices are within the November 4 and 5 high volume bull bars. Therefore, in a bullish continuation formation, the coin could have more upsides. As such, aggressive traders can buy the dips, targeting September highs at around $40 in the short term as they expect SOL prices to recover after Sunday's losses. Further gains could see the coin soar to retest August 2022 highs at around $50. On the reverse side, losses below $30 would nullify this preview, swinging price action to favor sellers.
What to Expect from SOL
Overall, Solana is bottoming up after sharp losses in the last year. As it is, SOL buyers are resilient, and prices could begin floating higher in Q4 2022 in a welcomed recovery. Subsequently, astute traders may plan to ride the uptrend, expecting a retest of Q3 2022 highs.
Resistance level to watch: $40
Support level to watch: $30
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