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SOLANA Price Prediction, Bulls on a Rampage: Eyes Locked on 40 Dollar

Key Takeaways
  • On the daily chart, Solana breaks the long-term channel pattern with significant trading volume
  • SOL's recent surge lifted its price to complete a V-shaped recovery, as depicted in the daily chart
  • On the daily chart, Solana coin has broken out today, surpassing an 11-month high
31-Oct-2023 By: Lokesh Gupta
SOLANA Price Predict

SOLANA price rises above $35 resistance, eyeing $38 rally

As cryptocurrency optimism surges, SOLANA coin continues its robust recovery, hitting an 11-month high at $37. The sustained bullish momentum has successfully broken a persistent resistance trendline at the $35 mark within a channel pattern, hinting at the potential for a new bull rally. Currently, the coin appears poised to challenge higher resistance around $39, which coincides with the November and September highs.

Technical View:

According to Coingabbar Price Analysis, Solana made a strong move upwards, stabilizing above the $30 pivot level. It gained bullish momentum and formed a base above $30 and $32, resulting in a V-shaped recovery on the daily chart. Bulls confirmed this pattern by pushing the price above the neckline at $28 on October 21. As a result, Solana surged 30% to reach an intraday high above $36. The next target for the bulls is to break the $37.5 resistance, which could pave the way for a push towards the coveted $50 mark.

KEY LEVELS :

RESISTANCE LEVEL : $37.50-$39.00

SUPPORT LEVEL : $35.00-$34.00

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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