Solana Price On Fire: October Red-Hot Prediction – $30 Within Reach?
05 Outubro 2023 - 9:00AM
NEWSBTC
Solana (SOL) kicked off the month with a remarkable price surge,
surging by more than 10% and decisively breaking through the local
resistance level of $22. This substantial move has left traders and
investors wondering if SOL has what it takes to sustain this
bullish momentum and embark on a sustained recovery. The breakout
from the $22 resistance, bolstered by a notable increase in trading
volume, suggests a heightened level of confidence among buyers.
It’s a clear signal that they are poised for further gains, but the
question that looms large is whether this momentum is robust enough
to support a prolonged upward trajectory for SOL. As SOL’s price
demonstrates its ability to maintain levels above the $22 mark, a
price analysis is eyeing an 11% potential gain, which could see the
cryptocurrency challenging the $25 threshold. However, a broader
perspective reveals that the ongoing recovery in SOL’s price is
well within the confines of a channel pattern. Related Reading: Is
XRP Growth Real Or Just Smoke And Mirrors? Here’s What Liquidation
Data Shows Solana’s Strong Start: Breaking The Resistance Barrier
The ascending trajectory of SOL’s price is expected to follow the
upper trend line of this channel pattern. A breakout from either of
these trendlines could serve as a catalyst for a directional rally,
potentially amplifying the ongoing surge. However, the resurgence
in supply pressure, coupled with Bitcoin’s recent reversion from
the $28,000 level, has introduced a level of uncertainty into SOL’s
price action. Analysis emphasizes that this intensified supply
pressure materialized around the $24 mark, leading to a minor
pullback. This pullback is seen as a valuable opportunity to assess
the support strength of the recently breached level. SOL market cap
nearing the $10 billion region. Chart: TradingView.com At the time
of writing, SOL is trading at approximately $23 on CoinGecko,
reflecting a marginal 0.3% decline over the past 24 hours. However,
the cryptocurrency has witnessed an impressive 20.5% surge over the
past seven days. SOL price ascent in the last week. Source:
Coingecko The recent price surge has propelled Solana into the
limelight, catapulting it to the position of the 8th largest
cryptocurrency by market capitalization. In this remarkable ascent,
SOL has overtaken popular cryptocurrencies such as Cardano (ADA)
and Dogecoin (DOGE). Charting SOL’s Course This past week has
been especially robust for SOL, marking its strongest performance
since mid-July and recording a staggering 38% increase from its
September low. However, it’s worth noting that these figures remain
a considerable distance from the peak levels seen during the bull
market. Solana seven-day price movement. Source: Coingecko As the
price of SOL experiences fluctuations, the cryptocurrency faces key
resistance levels at $25 and $28. If bullish sentiment persists,
the path to $30, the high reached in July, appears open. On the
flip side, SOL enjoys support at $22 and $20 in case bears take
control. Related Reading: Shiba Inu Investors Beware: 425 Billion
Tokens On The Move – Is It A Sell-Out? Solana continues to shine as
it surges up the market cap rankings. The coming days will reveal
whether the cryptocurrency can sustain its momentum and potentially
reach new heights or if it will encounter resistance along the
way. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from iStock
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024