SOL Price Analysis: SOL Eyes New 2023 Peak At $40!

The post SOL Price Analysis: SOL Eyes New 2023 Peak At $40! appeared first on Coinpedia Fintech News

With Bitcoin facing constant opposition at the $35K mark, the altcoins market takes a slightly optimistic stand. Major coins like Solana (SOL) price continue to sustain the bullish momentum of the Uptober season. 

Sustaining above the $30 mark, the SOL price continues to challenge the overhead resistances and tease a prolonged uptrend. Therefore, with such high sentiments around the coin, the Solana price prediction teases a bullish end for 2023.

Taking a bullish route in the last weeks of October, the SOL price trend rises higher like a skyscraper. The market value of Solana skyrockets by 28% in the last 16 days to reclaim the crucial and long-awaited $30 mark. 

Moreover, the Solana trend displays a rounding bottom breakout with a neckline at $28, similar to the Bitcoin price trend. Currently, the SOL price trades at $32.78 with minimal intraday growth, teasing a Doji candle formation.

In addition, the Solana price trend displays an ascending resistance trendline in action and opposing the uptrend. Further, the possibility of a double top arises as the uptrend struggles to surpass the trendline.

Technical Indicators:

EMA: The bullish crossover in the 50-day and the 200-day EMA gives a golden crossover and teases a positive recovery in SOL price. Moreover, the rising 50-day average line will provide a cushion for any short corrections. 

MACD indicator: The MACD and signal lines showcase a short pullback, and with the declining histograms, the declining momentum is evident. 

Will the SOL Price Reach $40?

Despite the overall positive sentiments around altcoins, Solana may struggle to continue the prevailing uptrend. As the overhead trendline jumps into action, the sellers may drop the market value to retest the $30 mark. 

On the positive side, a market-wide recovery can help propel the SOL price above the ascending resistance. In such a case, the breakout rally can reach the $40 mark shortly.