Solana (SOL) Leads Gains Among Top Coins, Can Bulls Send The Price To $40?
October 31 2023 - 8:00AM
NEWSBTC
SOL ranks among the bullish cryptocurrencies today, benefitting
from the ongoing rally in the crypto market. $40 looks more
realistic since SOL overcame the psychological resistance level of
$20. Based on its present trajectory and exciting events in
the Solana community, investors wonder if it will attain $40 in the
coming days. The technical indicators in the chart below will
uncover SOL’s price trajectory in the coming days. SOL
Testing $36.69 Resistance, Will The Bulls Rally To $40? SOL is in
an uptrend on the daily chart, forming a third consecutive green
candle as the buyers continue accumulating. Remarkably, SOL
flipped the $33.05 resistance level to support on October 30 and is
testing the $36.69 support today, October 31. Related
Reading: Bitcoin Price Could Skyrocket Like In March If This
Happens: Expert The Relative Strength Index (RSI) indicator
displays a value of 77.78, already in the overbought region above
70. The RSI shows no signs of a decline, implying that more buyers
are opening long positions for SOL. Furthermore, the Moving
Average Convergence/Divergence (MACD) indicator is above its signal
line, displaying a strong buy signal. This signal is confirmed by
the green Histogram bars formed on October 30 and today.
Therefore, SOL will likely rally to the $40 resistance level in the
coming days if the buyers push it above the $36.69 resistance
level. However, if rejection occurs at $36.69 and the RSI retraces
from the overbought level, buyers must apply a trailing stop loss
to curtail massive losses. Nevertheless, SOL looks well
positioned to return to $40 based on its strong support level at
$33.05. Also, some exciting developments in the Solana
community are driving more investors to the ecosystem and boosting
SOL’s price. Solana’s Launch Of Block Explorer Amidst Other
Developments Solana Developers, on October 30, announced that
Cymbal’s Human Readable Block Explorer now supports Solana. It’s
worth mentioning that Solana has organized over 466,000 NFT
projects, has over 10 million active wallets, and tracked over 36
million tokens in real time. The Cymbal AI helps Solana users keep
track of their activities with ease and is a welcome development in
the ecosystem. Also, there is much excitement in the crypto
community for the ongoing Solana Breakpoint 2023 annual conference
that began on October 30. This event is in Amsterdam,
Netherlands, with notable speakers taking vital topics surrounding
blockchain technology. The first day of the event featured an
address from JavaScript co-founder and Brave CEO Brendan Eich.
According to Eich, there are massive integrations with Solana
support coming to the Brave browser in 2024. This announcement
by the CEO is likely driving the adoption of SOL tokens ahead of a
potential price surge above $40. Related Reading: Ethereum
DeFi Activities On A Roll: Will It Drive A Bullish Price Surge?
Additionally, Phantom Mobile announced the creation of an NFT
feature not available on their mobile devices but supported by
Solana. According to the developers with Camera Mint on
Phantom Mobile, users can instantly convert photos and videos into
Solana NFTs using the app. The diversity of the Solana
ecosystem makes it ideal for most investors since its tokens are
still quite affordable. Therefore, SOL could rally in the
coming days if the buyers continue the ongoing accumulation phase.
Featured image from Shutterstock and chart from TradingView.com
EOS (COIN:EOSUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
EOS (COIN:EOSUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024