It is possible to upgrade from PHP 7.4 to 8.0, however, it is important to check the compatibility of the packages you are using. You can check the compatibility of each package by looking at the package's documentation or by running composer update to see if any errors occur.
It is also important to make sure that your server is running the latest version of PHP 8.0. You can check this by running php -v in the command line.
Finally, it is recommended to make a backup of your application before upgrading to ensure that you can revert back to the previous version if any issues arise.
Good luck!