SOL Price Analysis: Closer To $50, SOL Gives Strong ‘Buy’ Signals!

The post SOL Price Analysis: Closer To $50, SOL Gives Strong ‘Buy’ Signals! appeared first on Coinpedia Fintech News

With Bitcoin skyrocketing above the short-term obstacle of $35K, the altcoins market is full of buyers ready to pay a premium as the sentiments improve. Ranking amongst the top-performing altcoins this week, the SOL price trend crosses the $40 mark and continues to gain momentum. 

With a phenomenal breakout rally, overcoming multiple resistance levels and approaching the next psychological level of $50. With a 62% hike in the month of October, the Uptober spirits are high for altcoins, and the Solana price prediction maintains a bullish standpoint for 2023.

Following the bullish breakout of a rounding bottom pattern, the SOL price trend shows a sharp reversal in momentum. With the $27.5 zone breakout, the Solana prices skyrocket as the overall market rallies on a moonshot. 

Further, the Solana fractures the overhead resistance quite easily and hits a new 14-month high to reach $46.97. The high-speed bull run with volume candles creating new skyscrapers, the underlying demand is on the rise. 

Currently, the SOL price trades at $42.07 as the sellers fuel a higher price rejection at $47, leading to a short pullback. Nevertheless, the intraday growth of 2.16% showcases a bullish candle reflecting sustenance in the buying pressure. 

Technical Indicators:

EMA: The increasing trend momentum fuels a positive recovery in the 50-day EMA and increases the bullish gap with the 200-day EMA. The positive alignment and a bullish trajectory in the crucial EMAs reflect an optimistic upcoming trend in SOL price. 

MACD indicator: The MACD and signal lines continue to rise higher by avoiding a crossover as the histograms skyrocket once again. The momentum indicator reflects a strong buying pressure capable of continuing the bull run. 

Will the SOL Price Cross $50?

As the overall market remains optimistic as Bitcoin surpasses the $35K resistance, the altcoins are ready for a moonshot. With high hopes of a new altcoin season in the market, SOL price may shortly pass the $50 mark. 

Considering the uptrend sustains momentum, the ongoing rally may surpass the 2.272 Fibonacci level at the $50 mark. In such a case, the Solana market value can reach the $60 mark.

On the flip side, a downside reversal before $50 can result in a $40 retest.