Solana (SOL) Price Analysis: SOL/USD retraces to $244 low as bulls attempt to resume upward

Updated:

Solana is in an uptrend, targets $320 high
SOL/USD retraces on the downside, may find support above $244

Solana (SOL) Current Statistics
The current price: $246.81
Market Capitalization: $125,052,674,773
Trading Volume: $2,967,592,151
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis November 9, 2021
Solana’s (SOL) price has been in an upward move. On October 25, the uptrend was hindered as the altcoin dropped to $179 as bulls bought the dips. Buyers initiated a fresh uptrend as price broke the resistance at $200. Solana is trading at $246 at the time of writing. Meanwhile, on October 22 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Solana will rise to level 2.618 Fibonacci extension or $330.71.

SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 67 of the Relative Strength index period 14.SOL/USD is in the uptrend zone and capable of a further upward move. Solana is above the 30% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 1-hour chart, Solana has been in a downward move. The cryptocurrency has reached bearish exhaustion. The altcoin is currently fluctuating above $244 support. Meanwhile, on November 7 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Solana will fall to level 2.0 Fibonacci extensions or $244.08.

SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.