Solana price has seen a significant surge recently, surpassing $170 for the first time since early August, sparking widespread bullish sentiment among investors. As the month of “Uptober” approaches its end, traders are speculating how high SOL can rise in the coming days.
Why is Solana Price Up Today?
The SOL price is trending around $170.17 after hitting a two-month high of $171.76 on Oct. 21. The asset is up 7.1% in the last 24 hours, following the Bitcoin price surge to $69,400.
The Solana price is rising partly due to the Bitcoin price surge over the weekend. On Sunday, Oct. 20, the BTC price jumped above $69,000 for the first time in 2.5 months, which boosted the broader crypto market, pushing them into positive territory.
As a result, the SOL price rebounded to levels not seen since August 1, 2024. Following the short burst of buying pressure, the price of Bitcoin hit a high of $69,519 before quickly retracing as traders rushed to lock in profits.
Will Solana Continue Rising in October?
According to data from Coinglass, traders are actively buying SOL currently since the price change vs. Open Interest (OI) change are both positive. When these two metrics are positive, they signal that traders are going Long on an asset.
Additionally, the funding rate has increased since Friday, Oct. 18. When the funding rate increases and the price rises, it generally indicates strong bullish sentiment among traders. It also suggests that derivative traders are mostly responsible for the sudden rise in SOL prices.
These metrics show that bullish sentiment is currently dominating the Solana market because traders anticipate the asset will rise higher in the coming days.
SOL Price Analysis: How High Can It Go In Uptober?
Solana price formed an inverse head-and-shoulders pattern, indicating a potential trend reversal from bearish to bullish. The break above the neckline around $160 confirms this bullish pattern.
The price is currently trading at $170.58, and the breakout target based on the height of the head to the neckline points to a move towards $190, representing a 16.41% gain from current levels.
Based on historical price action, the SOL price may face resistance around $190 and $230 on its way up. However, a break above the latter resistance could propel the asset to $250, a 46% increase from the current price.
SOL price prediction shows strong support at the previous neckline around $160. A retest of this level may happen before further upside, providing a potential entry point for buyers. If the price fails to hold above the $160 levels and drops below the neckline, it could signal market weakness, pushing it to lower support levels near $140 and $130.
In the short term, the price will likely move towards the $190-$195 range, which will serve as the first take-profit zone. In the longer timeframe, if SOL breaks through the $190 resistance with strong momentum, the price could extend towards $230 and $250.
Frequently Asked Questions (FAQs)
Solana price is rising mainly due to Bitcoin’s surge over the weekend that go most cryptocurrencies rallying.
Yes, the bullish sentiment in the market indicates that the Solana price may continue to rise.
Solana price could first hit the $190-$195 range as a take-profit zone for short-term traders. If it breaks the $190 resistance with strong momentum, SOL may climb to $230 and possibly reach $250 by the end of October, marking a 46% increase from current levels.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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