Bulls Thrust Solana To $25 – What Traders Should Expect Next
October 20 2023 - 1:00PM
NEWSBTC
Solana (SOL) has witnessed an impressive resurgence, climbing to
$25.46, marking a remarkable 10% rally in the past 24 hours. This
surge is part of a broader trend, with SOL’s price experiencing a
seven-day surge of 19.4%, further solidifying its position as one
of the prominent players in the crypto sphere. Solana’s remarkable
journey to its current valuation is a testament to its resilience,
especially considering the tumultuous events it weathered nearly a
year ago. In November, the cryptocurrency faced a severe setback
due to the FTX implosion saga, which sent SOL plummeting to
$8. However, Solana has emerged from the ashes, and the
crypto community is taking notice of its remarkable recovery.
Related Reading: Why Is Bitcoin SV (BSV) Up 63% Today? Find Out
Here Solana Technical Signals Point To A Bullish Momentum The
recent surge in SOL’s price can be attributed to several key
factors. One notable driver is the increasing network activity and
substantial growth within the Solana ecosystem, particularly in the
realm of decentralized finance (DeFi). This snippet is from
my “Is Solana Dead” video. Despite the FTX fallout, $SOL still has
a lot going on behind the scenes! If you want to see the whole
video, its on my channel, I will post the link on my X profile!
pic.twitter.com/De6j5aNGxx — Frankie Candles (@Frankie_Candles)
October 19, 2023 The crypto world was offered a glimpse of this
growth in a video shared by @Frankie_Candles, which shed light on
the vibrant activity happening “behind the scenes” in the Solana
ecosystem. Notably, the total value locked in Solana’s DeFi smart
contracts has seen a significant upswing, soaring from $210 million
in January 2023 to $331 million in October, as reported by
DefiLlama. SOL TVL. Source: DefiLlama Furthermore, Solana bulls
have reinforced the bullish outlook by successfully maintaining
support at the $25 mark and breaching the upper dotted falling
trendline. The presence of a buy signal is often considered
an encouraging sign for traders, reinforcing confidence in the
cryptocurrency’s upward trajectory. One key technical aspect to
watch out for is the potential for a “golden cross.” A golden cross
occurs when a short-term moving average crosses above a long-term
moving average, typically signaling a possible bullish breakout.
This could be a pivotal moment for Solana, as it may provide
further confirmation of its bullish momentum. SOL has a market cap
of $11.26 billion as of today. Chart: TradingView.com SOL Neckline
Resistance Another significant element to monitor on the charts is
the possibility of Solana conquering the neckline resistance once
again. The neckline resistance represents a critical point that
acts as a threshold for bullish momentum. Historically, breaking
through this level has been a precursor to sustained uptrends,
suggesting the potential for further gains in the near future. If
Solana manages to achieve this, it will mark a strong resurgence,
reaffirming its position as a strong force in the ever-evolving
cryptocurrency landscape. Related Reading: ETH Price Watch: Impact
On Price As Traders Ditch Bitcoin On Derivatives Market (This
site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Shutterstock
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