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Your Crypto Focus – 6th November- 12th November

November 5, 2021
by Joseph Jeffriess, Market Analyst

This week we have seen another decent run on the crypto markets with several of the top 20 coins hitting new records. In today’s preview, we document all the action while also taking a look at the current situation with Solana. Bitcoin has been a touch flatter this week compared to prior weeks, but that should not be a worry as there has been plenty of opportunities on other coins. ETH has run 11.48% from this week’s high to low, hitting new record prices along the way. Avalanche has also been a top mover hitting new records after running 26% higher to the week’s high. The so-called doge-killer SHIB, which seriously rocked some worlds last week, has been hit by gravity and is trading 24.54% lower at this moment.

We are going to focus on another crowd favorite – Solana. SOL has had a great week hitting new records on consecutive sessions. Price set a new record close of 248.50 yesterday and touched a new record of 250.66 today before retreating.

Let’s take a look at the current 4H chart. The first thing can see is that price remains on multiple up trends. Price could be overextended at the moment, but as momentum remains bullish, we could look to stay onside with the trend. Today sellers have started to take control. This could be profit-taking, we want to see how price reacts if potential support is reached. Ahold there maintains the FT (fast trend). A move through, and we may have a deeper correction underway.

The main question we are asking is if we see new support come back in will we see a new move back to the highs?

All times are AEDT.