Solana Retraces above $38 as Bulls Resume Ascent

Key Highlights
Solana rallies to the high of $46
Solana consolidates above $38 support

Solana (SOL) Current Statistics
The current price: $38.97
Market Capitalization: $22,343,720,949
Trading Volume: $2,549,606,086
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Long-Term Prediction: Bearish
The price of Solana (SOL) has concluded its remarkable bullish run as bulls resume ascent. The cryptocurrency asset has entered the market’s overbought zone. The crypto’s price closed with a lengthy candlestick wick on November 1.

The lengthy wick signals that SOL/USD will encounter significant selling pressure at higher price levels. Today, the altcoin has reached a low of $38.34. If SOL falls and remains above the $32.50 breakout mark, the uptrend will resume.

The crypto will increase and retest past highs. The decline will restart if the $32.50 mark is crossed.

Solana (SOL) Price Indicator Analysis
Solana slipped within the moving average lines on the 4-hour chart. As the cryptocurrency bounces between the moving average lines, the selling pressure is expected to ease. Despite the retracement of the cryptocurrency, the moving average lines have remained northward bound.

What Is the Next Move for Solana (SOL)?
The rise in Solana has been maintained above $38 as bulls resume ascent. The cryptocurrency’s rising trend is shaky because Solana is still trading in the overbought zone. The altcoin is currently consolidating above the $38 support, with the upward movement halted below the $40 high.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing