Solana’s SOL is making progress above the $22.50 barrier. Based on traditional technical indicators, the price of SOL might increase by 20% to reach $30 by October 2023.
In the previous Solana price prediction, it was mentioned that buying opportunities were found in Solana above the $20.00 level. Buyers remained active above both the $20.00 and $20.50 levels.
A new support level was established around $21.00 before Solana began to climb once again. Recent surges in Bitcoin and Ethereum played a role in Solana’s recent significant increase. The price has risen by almost 10% in just two days and is displaying favorable signs while trading above the 50-day simple moving average, indicated in blue.
Solana price daily chart. Source: SOL/USD on TradingView.com
Expanding upon the Solana price prediction, it’s noticeable that SOL’s price has been following an upward trend within a channel pattern on the daily chart, with resistance at approximately $26.80.
In recent times, the cryptocurrency successfully retested its initial bullish target at $25, indicating an increased possibility of a breakout. So, if it manages to surpass the $25 mark, the SOL price might head towards its 50% Fibonacci retracement level near $26.50.
Should a clear breakthrough occur above the $25 resistance, it could provide momentum for another rally. The first significant hurdle beyond $25 might be around $26.80. Subsequently, the bulls could aim for approximately $28.80 or the 76.4% Fibonacci retracement level, which measures the retracement of the drop from the $32.50 high to the $17.36 low.
The primary objective for the bullish scenario is to reach $30. Going beyond this level might accelerate Solana’s ascent towards approximately $32.20 in the days to come.
SOL Price’s Potential Support and Resistance Levels
On one hand, the SOL price has room for a potential correction from the $26.80 level.
As per Solana’s technical price prediction, the immediate support level stands around $23.00. The primary support is currently taking shape near $22.00 or along the trendline within the channel. Should the $22.00 support be breached, it could lead to a test of the 50-day simple moving average (in blue) at $20.50.
Further losses may open the door to a test of the $17.40 support area.
In summary, SOL’s price is showing upward momentum, with the possibility of a rally beyond the $25.00 resistance level. The primary goal for the bulls is at $30. However, if Solana struggles to surpass the $25 hurdle, there could be a correction downward, with a potential revisit of the $22.00 support zone.
Solana Price Prediction Based on Fundamentals
What if you could make global payments without breaking the bank or slowing down? 🪙
Accept and send payments with stablecoins like USDC anywhere, anytime on Solana – for just $0.00025 average fees with high throughput.
🔗 https://t.co/lHcsIzTtx8#OnlyPossibleOnSolana pic.twitter.com/YgytRltBsp
— Solana (@solana) October 16, 2023
From a fundamental perspective, the Solana price prediction appears optimistic due to the widespread adoption of Solana’s seamless payment service. This service enables hundreds of businesses to send and receive payments using stablecoins like USDC, with remarkably low average fees of just $0.00025. This development is contributing to the overall bullish sentiment surrounding SOL.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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