Solana (SOL) Price Bullish as RSI Indicates Strength
The price of Solana (SOL) is showing bullish signs, with the Relative Strength Index (RSI) positioned well above the 50 level. It is currently 40% higher than the $17.29 support level, which acted as a base after the recent slump caused by the US Securities and Exchange Commission (SEC) labeling SOL as a security. Additionally, SOL has increased by 30% after breaking out of a weeklong consolidation within a demand zone.
Uptober Boding Well for Solana?
The bullishness of Solana’s price is also supported by historical data showing that October is typically a good month for trading. This positive sentiment extends to the broader market, led by Bitcoin (BTC), which recorded a daily gain of almost 5% recently. Furthermore, SOL has recently partnered with OpenBlock Labs, which has provided the green light for the Solana Retroactive Public Goods Funding (RetroPGF) Round 1.
Solana Blockchain Attracts Users with Climate-Conscious Technology
The Solana blockchain continues to attract users due to its climate-conscious and carbon-neutral technology. It is the first smart-contract L1 blockchain with real-time energy emissions tracking. The network emissions are openly accessible and transparent to anyone who wants to examine them.
Solana Hyperdrive Hackathon and Continued Network Activity
The Solana Hyperdrive Hackathon is still ongoing, with over 5,000 developers participating and competing until October 15. This hackathon has generated significant interest in the Solana blockchain. With all the network activity and positive developments surrounding Solana, it is no surprise that the token has experienced significant growth.
Solana Price Forecast
Solana’s price is currently trading with a bullish bias after bouncing off the crucial support at $17.28 and seeing aggressive buying from the demand zone. The RSI outlook indicates that the bullish run may not be over yet, with increasing momentum. The Awesome Oscillators (AO) are also optimistic, showing green signals. If the RSI stays above the 70 level, Solana price could extend its gains to $25.40, with a potential continuation to higher levels.
Hot Take: SOL Alternative BTCMTX Presents Promising Opportunity
If you’re looking for an alternative to SOL, consider BTCMTX. This tokenized cloud-mining platform allows anyone to mine Bitcoin (BTC) in a decentralized manner, eliminating risks associated with third-party cloud mining scams. BTCMTX offers a straightforward user experience, is budget-friendly, and avoids common issues such as noise and heat. The project is currently in the presale stage and has already achieved significant milestones.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.