Solana Technical Analysis – November-4-2023


In October, Solana (SOLUSD) experienced a significant price surge, reaching a high of $47.5 before settling at $34.5. Currently, Solana is trading around $42.5. Our Solana Technical Analysis indicates that the RSI indicator has been in the overbought area since October 20. Despite this overbought condition, SOLUSD hasn’t started correction yet, indicating a strong bullish bias and high volatility in the Solana market.

Solana Technical Analysis - November-4-2023

Solana Technical Analysis – Daily chart

For a more detailed view of SOLUSD price action, let’s zoom into the 4-hour chart. The crypto pair is trading within a bullish channel, appearing more organized than on the daily chart. At present, SOLUSD is testing the middle line of the bullish channel and is above the Kernel line of the Lorentzian Classification indicator. This supports the bullish scenario, suggesting that SOLUSD price may rise and test the October high of around $46.2.

Solana Technical Analysis

Solana Technical Analysis – 4H Chart

The R2 level at 36.98 supports the bullish scenario in our Solana Technical Analysis. If SOLUSD closes below this level, the bullish scenario becomes invalid, and the next bearish target is the pivot.

  • 4 November 2023
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