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Price Analysis

Solana is Rock-Solid, SOL Traders Bank on Macros for a Rally above $220

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Solana is for speed, scalability, and everything in between.

The platform is fast, suitable for upcoming projects needing interoperability, and an environment set apart from the repressive high trading fees.

For what the Solana project aims to achieve in the days ahead as a better alternative to Ethereum and the Binance Smart Chain (BSC), its currency, SOL, has emerged as one of the top performers.

Solana Market Performance and Price Status

At the time of writing, SOL is one of the highlights digital assets in the top 10, adding 13 percent on the previous trading day.

Solana Daily Price Chart for October 22

After struggling in September, SOL/USDT prices are solid in the past 24 hours. It is notably soaking in selling pressure, shaking off bears, and galloping in a bullish breakout pattern clear in the daily chart.

Technically, there are positives to be taken from the Solana climb. The September 2021 slide found support at the 50 percent Fibonacci retracement level of the July to September 2021 trade range. Overall, this is a vital reaction point, a support line that may spark demand as per the daily chart’s SOL/USDT price performance.

At the current pace, SOL bulls may clear September 2021 highs and rally to new 2021 highs. Extending from the July and September 2021 highs, a close above the immediate liquidation line may see SOL race to $330—the 1.618 Fibonacci extension level.

However, leaning on caution, losses below $140 may spur losses back to $120 in a retest. If Solana bears take over, the coin may slide to $100—the 61.8 percent Fibonacci retracement level.

Solana Breakout, Time for $270

A trader on Trading View notes that SOL prices are now in a bullish breakout pattern as volatility builds up.

Solana to $270

After losses of September, the revival of SOL/USDT is shifting price action in favor of buyers.

As per the trader’s analysis, the coin may break above all-time highs to reach $270, continuing the bullish breakout pattern set in motion in late July.

He observes that the asset may be consolidating after extended periods of accumulating throughout September.

With this base, SOL prices could tear up above $215 for a rally to $270. This will be a 43 percent spike from September 2021 highs.

SOL Pumped By a Rallying Bitcoin

A trader had called for a big SOL/USDT swing on Twitter only provided Bitcoin “behaves.”

The digital gold behaved, rallying to new all-time highs, pumping SOL and the altcoin market. Presently writing, SOL/USDT prices are now trading above the mega triangle.

Besides, Solana buyers are bullish, confident of a possible close above September 2021 highs of around $220.

Per sentimental analysis, Solana buyers have the upper hand. This might build the base for another swing above the immediate resistance level for SOL to register new all-time highs.

All In on Solana—banking On the Project’s Ecosystem and Institutional Flow

An analyst on YouTube is “all in on Solana.”

He banks on its growing ecosystem of NFTs, its thriving DeFi scene, and the recent boost from institutional flows.

Based on these favorable macros and supportive technical candlestick arrangements, SOL, he predicts, would quickly blast past immediate resistance levels in buy trend continuation.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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