The Solana Price Breaks Resistance and Reaches New Yearly High
The price of Solana (SOL) has experienced a positive trend in October, reaching a new yearly high of $39.36. This surge comes as SOL broke out from a crucial long-term horizontal resistance area at $28.
Solana Moves Above $30 Resistance Area
In July, the SOL price broke out from a long-term descending resistance trendline. After confirming it as support in September, SOL’s rate of increase accelerated.
Last week, SOL surpassed the $28 horizontal resistance area that had been acting as a barrier since November 2022. As a result, Solana reached a new yearly high of $39.40 today.
Positive Sentiment for Solana Grows
Solana’s recent price increase has propelled it back to the #7 spot on the market cap rankings. It has also sparked renewed social interest, with nearly 2% of all discussions on the top 100 assets focusing on SOL.
However, cryptocurrency analysts have mixed opinions about Solana’s outlook. Some believe the price will face rejection at the $38-$40 level and gradually decrease towards $32, while others are decisively bullish due to positive monthly close.
Solana Price Prediction: Is the Rally Just Beginning?
Technical analysts studying the Elliott Wave theory suggest that SOL has begun a long-term 1-2/1-2 wave formation. If this count is correct, SOL is currently in sub-wave three of wave three, which is the sharpest increase.
If Solana’s upward movement continues, the closest resistance areas will be at $59 to $63 and $79 to $83. Fibonacci retracement levels indicate potential future price targets that are 60% and 100% above the current price.
However, if SOL falls below the sub-wave one high at $32.30, the wave count will be invalidated, and a 40% drop to the closest support at $23 could be expected.
Hot Take: Solana’s Bullish Momentum Continues
The Solana (SOL) price has been on a bullish run, breaking through key resistance levels and reaching new yearly highs. Despite mixed opinions from analysts, the positive sentiment for Solana continues to grow. Technical indicators, such as the Elliott Wave theory and Fibonacci retracement levels, suggest that the rally may just be beginning. However, it’s important to monitor price movements closely to determine if the bullish trend will sustain or if a reversal is imminent. Overall, Solana’s recent performance has positioned it as a top contender in the cryptocurrency market.
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