Solana (SOL) has experienced notable movements in October, showing both bullish and corrective trends.
Pullback in Uptrend. Price remains in an Uptrend but has pulled back, which could present a ‘buying dip’ opportunity. Traders should look for the nearest support level where price could stabilize and resume its Uptrend. This support level could be a level where price bounced off of in the past, or a level that was previously resistance.
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SOLANA Crypto Next Target
- Latest Price: $166.64
- Market Cap: Approximately $68 billion
- 24-Hour Trading Volume: Around $3.7 billion
- Circulating Supply: Roughly 408 million SOL
- Total Supply: Around 550 million SOL
Bullish breakout from Ascending Triangle, above the triangle resistance of $160, could see the price revisit $190 for +20% upside potential. Price appears to have successfully retested that breakout. Stop Loss at $147.
Weekly Price Analysis
SOL’s price has seen an increase of around 8.95% over the past week, beginning at $152 and rising to $166. The asset hit a recent high of $171, supported by an 114% boost in trading volume.
This rally has been fueled by technical support levels holding firm around $159, giving investors confidence.
Trend: Short-term trend is Neutral, Medium-term trend is Strong Up, Long-term trend is Strong Up.
Momentum: Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $120.00, then $100.00. Nearest Resistance Zone is $190.00.
Technical Indicators
- Moving Averages: The 9-day moving average has moved above the 21-day average.
- Relative Strength Index (RSI): Currently near 69.45, SOL is edging toward the overbought territory.
- MACD (Moving Average Convergence Divergence): Positioned positively, the MACD line remains above the signal line.
Key Support and Resistance Levels
- Support Levels: $153, $159
- Resistance Levels: $171, $176, with possible testing around $185 if upward momentum continues
Market Sentiment and News Roundup
Market sentiment around Solana has generally been positive due to several factors. Reports of a bullish cup and handle pattern on its chart suggest a potential rally.
Additionally, despite some whale movements — including a recent sale of 22,726 SOL at a peak price — the general trend remains intact.
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