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SOLANA Price Prediction, Can the spark reignite once more

Key Takeaways
  • On the 4-hour chart, SOL is trading within a Bullish Flag pattern
  • The bullish crossover between the 20-day and 50-day EMA boosts confidence
  • SOL's recovery follows a channel pattern, and the rising price may soon test the upper trendline
05-Oct-2023 By: Lokesh Gupta
SOLANA Price Prediction, Can the spark reignite once more

A bullish crossover ignites SOLANA for a flurry of buying activity

After breaking out from the downtrend, SOL initiated a substantial rally, propelling its price upwards by more than 25% since September 28th. However, this impressive recovery hit a stumbling block when it encountered the daily bearish order block (OB) positioned just above the $24 mark. This led to SOL entering a period of consolidation, with its price stabilizing and holding above the $22 threshold.

Can SOL's price reach $30 again in October?

Solana is currently encountering a significant resistance at $30, its previous high in July. Although it may approach this level, surpassing it immediately would be surprising. Over the past three weeks, Solana has surged from $17.35 to $24.77, marking a robust 42.50% increase and breaking through the $22.50 resistance. Maintaining its position above $22.50 could lead to a 13% rise toward $25.5. In a broader context, SOL's recovery appears to follow a channel pattern, with the rising price poised to challenge the upper trendline. A breakout from either trendline could trigger a substantial rally.

Technical View:

According to Coingabbar Price Analysis, Solana is surging past the $22.00 resistance against the US Dollar and may gain further momentum if it clears the $25.50 resistance zone. The daily chart shows Solana trading within a rising channel pattern, while the 4-hour chart reveals a Bullish Flag pattern. A breakout from this flag pattern could push the price beyond $25 towards the $28 resistance. A bullish crossover between the 20-day and 50-day EMA adds to the positive sentiment among traders.

KEY LEVELS :

RESISTANCE LEVEL : $24.00-$25.30

SUPPORT LEVEL : $22.30-$21.50

Will SOL's price recovery reclaim the $30 mark in October? Can the current momentum drive a lasting resurgence in SOL's price? Is this the beginning of a more substantial uptrend? Are SOL bulls poised to make further gains? Is it a favorable time to consider buying SOL? Please share your opinions in the comment section below.

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.

WHAT'S YOUR OPINION?
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