Solana, the 5th most large crypto, is one of the most popular tokens among the market participants. The price has been trading with extreme strength since the beginning and hence the network turmoil or the sell-off failed to restrict the rally for a longer time. The current trade setup suggests the price is stuck within a range, which suggests the bulls are preparing for a massive move towards the higher range.
The platform unlocked a new milestone by achieving $6 billion in TVL for the first time since January 2022. The magnificent rise in TVL from the lows below $500 million suggests a massive rise in traders’ confidence and also a wider adoption. This, along with an extensive memecoin activity, has kept the momentum of the chain upright.
Now that the SOL price is at the resistance of around $168, a breakout could result in a bullish continuation starting from $176, which may extend to $191. However, this trade may play out well if the Bulls manage to break the prevailing bearish trend.
The 4-hour chart of the SOL price suggests the token is about to experience a small pullback. The price is testing the local support at $164.55 and is facing some bearish influence with a significant rise in the sell-off. Therefore, there are higher possibility of plunging to the lower support of the rising wedge, which coincides with the crucial support zone between $160 and $161. However, the short-term technicals have reached the edge and may soon flip in favour of the bulls.
The selling pressure has begun to pile and just before the weekend may mark the lower support. This is expected to attract massive buying volume, which could be as the trade is entering the last week of the month, which has been largely volatile in the majority of the cases. Therefore, the Solana (SOL) price is believed to close the October trade above $170 and may reach $180 in the first few days of November 2024.
