Solana Price On Fire: October Red-Hot Prediction – $30 Within Reach?

Christian Encila

1 year ago

3 mins read

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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.

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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.