Solana Targets $200 level: SOL Price Analysis

Solana (SOL) has displayed significant price action in October 2024. The coin is currently trading around $176.

The recent strength of the U.S. dollar and the Federal Reserve’s policy shifts have impacted SOL’s price volatility.

Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines (Buy at Support, Sell at Resistance) as long as the trendlines are still relatively far apart.

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Solana Crypto Price Target

• Current Price: $176
• Market Cap: $80.7 billion
• 24-Hour Trading Volume: $2.57 billion
• Circulating Supply: 464.71 million SOL
• Total Supply: 491.56 million SOL

Img src- Altfins

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.

Buy Now Weekly Price Analysis

This week, Solana has traded in a tight range between $173 and $178, reflecting a period of consolidation. Some resistance remains around the $180 mark.

Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Neutral.

Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. 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

1. Relative Strength Index (RSI): The RSI shows a value near 58.
2. Moving Average Convergence Divergence (MACD): The MACD is trending upward.
3. Volume Analysis: Trading volume remains high but consistent.

News Roundup

1. Fee Revenue Surge: Recent reports highlighted a surge in network fees on Solana, attributed to increased activity on decentralized exchanges like Raydium.
2. Potential ETF Listings: The SEC has seen ETF applications for Solana alongside major assets like Bitcoin and Ethereum.

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