The Rise of Solana: A Bullish Outlook
The price of Solana (SOL) recently surged by 12% on October 21, reaching an intra-day high of $30.31. Although it faced resistance at $30.24, SOL continues to show strong bullishness both in the short term and the bigger picture. It’s worth noting that SOL is currently at its highest price since July, indicating a full recovery rally. This uptrend, along with the positive performance of Bitcoin (BTC) and Ripple (XRP), has led investors to speculate that a bull run may be imminent.
However, some investors remain cautious despite the recent price surge, as they believe the rally could be exhausted. They are waiting for confirmation on whether the uptrend will continue.
FTX Stakes Solana and Ethereum
The FTX ecosystem recently staked 5.5 million SOL tokens worth approximately $122 million and 24,000 ETH tokens worth approximately $30 million. The staked SOL tokens accounted for only a small percentage of FTX’s holdings. FTX Estate, which helps recover assets for the exchange’s creditors, entrusted these tokens to Figment, a staking service provider.
FTX has been an early investor in Solana and has received vesting SOL tokens until 2027-2028. This led to concerns among SOL holders that FTX would dump these tokens onto the market. However, the court ruled that the liquidation should happen in batches to alleviate these concerns.
Solana Price Prognosis
Solana’s price is still bullish, supported by strong buying pressure from bulls. The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators both show positive momentum and large volumes of green histogram bars, indicating bullish market leadership. If buying pressure continues to increase, SOL’s price could break the immediate resistance at $30.24 and start an uptrend towards the $34.34 range high, representing a 15% climb from current levels.
However, if investors and traders begin taking profits after the recent price surge, it could interrupt the upward momentum and threaten the upside potential for Solana’s price. In this case, selling pressure may push SOL below the immediate support at $26.67 and potentially back under the critical support at $24.86.
Solana Alternative: Meme Kombat
Looking for an alternative to Solana? Consider Meme Kombat (MK), a stake-to-earn cryptocurrency that has recently entered the market. MK is the powering token behind the Meme Kombat ecosystem, a gaming platform designed for gaming enthusiasts. Investors can buy MK using ETH or USDT stablecoin.
Meme Kombat allows you to participate in the arena with your chosen meme character for rewards. You can pick a winner based on odds or personal preference. MK tokens are currently available at low rates, so take advantage of this opportunity to acquire them.
Hot Take: Solana’s Bright Future
The recent surge in Solana’s price indicates a positive outlook for the cryptocurrency. With strong buying pressure and bullish momentum, SOL has the potential to continue its upward trend. However, caution is advised as profit-taking could disrupt the rally. Additionally, consider exploring alternative cryptocurrencies like Meme Kombat (MK) for potential investment opportunities in the gaming industry.
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.