SOL’s Bullish Momentum: Can It Reach $40?
SOL is currently benefiting from the overall positive market trend in the crypto industry. With its recent breakthrough of the $20 psychological resistance level, many investors are wondering if SOL can reach $40 in the near future. To better understand its price trajectory, let’s analyze the technical indicators.
Testing Resistance at $36.69: Will Bulls Push to $40?
Looking at the daily chart, SOL is in an uptrend, with buyers consistently accumulating and forming three consecutive green candles. On October 30, SOL successfully turned the $33.05 resistance into support and is currently testing the $36.69 level on October 31.
The Relative Strength Index (RSI) indicator shows a value of 77.78, indicating that SOL is already in the overbought region above 70. However, there are no signs of a decline in the RSI, suggesting that more buyers are opening long positions for SOL.
The Moving Average Convergence/Divergence (MACD) indicator also supports a strong buy signal as it is above its signal line, with green Histogram bars forming on October 30 and today.
If buyers manage to push SOL above the $36.69 resistance level, it is likely to rally towards $40 in the coming days.
Applying Stop Losses if Rejected at $36.69
In case SOL faces rejection at $36.69 and the RSI retraces from the overbought level, it is crucial for buyers to implement a trailing stop loss strategy to minimize potential losses.
Nevertheless, SOL seems well-positioned to reach $40 due to its strong support level at $33.05. Moreover, exciting developments within the Solana community are attracting more investors and contributing to SOL’s price growth.
Solana’s Recent Developments: Block Explorer and Breakpoint Conference
On October 30, Solana Developers announced that Cymbal’s Human Readable Block Explorer now supports Solana. This integration is significant as Solana has already organized over 466,000 NFT projects, has more than 10 million active wallets, and tracks over 36 million tokens in real time. The addition of Cymbal AI will make it easier for Solana users to monitor their activities.
Another exciting event is the ongoing Solana Breakpoint 2023 annual conference in Amsterdam, Netherlands, which started on October 30. The conference features notable speakers discussing various topics related to blockchain technology.
During the conference, JavaScript co-founder and Brave CEO Brendan Eich revealed that there will be major integrations with Solana support coming to the Brave browser in 2024. This announcement is likely driving the adoption of SOL tokens in anticipation of a potential price surge above $40.
In addition, Phantom Mobile announced the creation of an NFT feature supported by Solana. With Camera Mint on Phantom Mobile, users can instantly convert their photos and videos into Solana NFTs using the app.
The diverse ecosystem of Solana makes it attractive to investors, especially considering that its tokens are still relatively affordable. As a result, SOL could experience further growth in the coming days if buyers continue to accumulate.
Hot Take: SOL’s Potential Upside
SOL has shown strong bullish momentum, surpassing the $20 resistance level and testing the $36.69 resistance. With positive technical indicators and exciting developments within the Solana community, reaching $40 seems like a realistic target for SOL in the near future. However, it’s important to implement risk management strategies, such as stop losses, in case of a potential rejection at $36.69. Overall, SOL’s position in the market and ongoing events indicate a promising upside potential for this cryptocurrency.
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