Solana’s Price Action and Fundamentals
Solana’s price is currently bullish on all timeframes, as it continues to trade within an ascending parallel channel. In the last 24 hours, the price has increased by around 10%, and trading volume has seen a significant rise of 175%. This positive outlook is supported by multiple factors, including the “Uptober” narrative that suggests October is historically a good month for trading in the cryptocurrency market.
Another factor driving Solana’s bullish momentum is the ongoing Sam Bankman-Fried (SBF) trial. The US bankruptcy court approved the liquidation of assets belonging to the bankrupt FTX exchange, which included Solana as one of its top three altcoin holdings. However, the court implemented a gradual liquidation process, sparing the SOL community from a sharp decline in price due to increased supply.
Discontinuation of Lido on Solana Initiative
Recent reports indicate that Lido on the Solana project will soon be terminated following discussions in the DAO forum and a community vote. This decision has led to a significant decrease in total value locked (TVL) on Solana, with a loss of almost $100 million in TVL over the past 24 hours. A lower TVL indicates reduced availability of funds and lower yields for investors.
Solana Price Prediction
Despite mixed signals from fundamentals, Solana’s price remains bullish as it trades within an ascending parallel channel. The altcoin may face resistance at the channel’s midline at $24.08, and there are indications that it may be overbought based on the Relative Strength Index (RSI). A correction could send the price to the $22.00 or $20.00 levels.
To open long positions, investors should wait for confirmation, including a daily candlestick close above the channel’s midline and an RSI that extends higher. If Solana’s price overcomes resistance and the RSI shows a higher high, the altcoin could extend gains and potentially reach the $26.00 or even $30.00 psychological levels.
Solana Alternative: BTCMTX
Consider exploring an alternative to Solana with BTCMTX, a new stake-to-mine token that experts believe could deliver remarkable returns. BTCMTX is the powering token behind the Bitcoin Minetrix project, which offers hassle-free BTC mining for the next 10 years. The project is currently in its second stage of the presale, with each token priced at $0.0111.
Bitcoin Minetrix has already raised over $1.646 million, surpassing 50% of its hard cap. Traders are showing interest in the project due to its potential for early entry rates. To take advantage of this opportunity, head to the Bitcoin Minetrix website to participate in the presale.
Hot Take: Solana’s Bullish Momentum Continues
Solana’s price remains bullish, supported by positive price action and multiple fundamentals. While there may be some short-term resistance and overbought conditions, there is potential for further gains in the near future. Investors should closely monitor key levels and indicators to make informed trading decisions.
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