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Solana (SOL) is emerging as one of the most dynamic players in the cryptocurrency market, and the outlook for October 2024 appears even more promising.
In an exclusive Solana price forecast shared with Invezz, Ryan Lee, the Chief Analyst at Bitget Research, stated that Solana is expected to show bullish momentum, with the potential to reach or exceed the price range of $160 to $180 in October.
According to Lee, a mix of market stability, ecosystem expansion, and institutional interest has positioned SOL for growth, even amid the current short-term correction.
Solana’s strong market performance amid volatility
Lee stated that since the start of 2024, Solana (SOL) has demonstrated remarkable resilience in the face of market volatility.
It has maintained a robust support level at $110 during downturns, proving itself as one of the strongest performers among high-market-cap cryptocurrencies.
This stability has been further fueled by the growth of the Solana ecosystem, particularly its thriving meme crypto sector, which has remained robust during market rebounds.
As confidence in the network gradually increases, SOL has established itself as a dependable choice for investors looking to navigate both bull and bear markets according to the Bitget Research chief analyst.
Solana ecosystem grows amid notable collaborations
The bullish outlook for SOL is bolstered by ecosystem developments and collaborations with major industry players.
At the Solana Breakpoint 2024 event, multiple projects announced significant updates and product releases.
Among them, Solayer’s partnership with OpenEden to introduce a yield-stablecoin (SUSDC) and Coinbase’s plan to run cbBTC on the Solana blockchain are noteworthy.
Additionally, Sanctum’s new PayFi product is expected to drive adoption across decentralized finance (DeFi).
These advancements signal the ongoing evolution of Solana’s ecosystem, laying the foundation for long-term growth.
Institutional support is also playing a crucial role in Solana’s bullish trajectory.
Franklin Templeton’s plan to issue a mutual fund on the Solana network, alongside Citibank’s involvement, is likely to enhance the blockchain’s appeal to institutional investors.
This influx of capital and attention from traditional finance is seen as a significant vote of confidence in Solana’s future.
SOL price is currently in a healthy correction
After a strong rally that saw SOL prices surge to $161 on September 30 morning, the cryptocurrency has experienced a brief correction as of press time. As of the most recent data, SOL is trading at $156.37.
This temporary pullback has been attributed to multiple factors, including the liquidation of 122,250 SOL (worth approximately $18.9 million) by the Pump.fun account, as well as profit-taking after three weeks of consistent gains.
Nevertheless, such price corrections are natural in a volatile market and, according to analysts, may even be beneficial for the long-term health of SOL.
Despite the price correction, the network remains highly active, with 3.47 million daily active addresses as of September 29.
Source: The BlockThis activity, driven in part by meme cryptos and new protocols like Pump.fun, demonstrates that Solana’s ecosystem is thriving.
The introduction of liquid staking has also attracted new investors, further boosting network participation.
Solana price levels to watch in October
Technical analysis suggests that Solana is currently holding above a crucial support level of $155. If the price remains above this support, there is potential for another rally.
On the other hand, key resistance points exist at $158, $160, and $162. A successful close above the $162 level could pave the way for SOL to test higher resistances at $174 and eventually $180.
However, if Solana (SOL) fails to maintain momentum above $158, it may face a further decline, with critical support levels at $154, $149, and $142.
Traders are cautiously watching to see that SOL remains above the $154 support despite the current pullback for a successful bullish reversal, especially seeing that according to technical indicators, the MACD is losing bullish momentum, and the Relative Strength Index (RSI) is currently below 50.
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