SOL Price Analysis: Solana Jumps to $25, Will The Rally Continue? 

The post SOL Price Analysis: Solana Jumps to $25, Will The Rally Continue?  appeared first on Coinpedia Fintech News

Rising with the rumors of Blackrock ETF being accepted, the SOL price sustains the growth after Blackrock clears the smoke. With the petition from Blackrock under review, Solana’s market value rides with the high sentiment rally in the market. 

As the altcoins gain momentum with the recovery in Bitcoin, a new altcoin season seems just around the corner. Further, the overnight growth supports the Solana price prediction, anticipating a bullish journey above $30 in the next altseason. 

Following the channel breakout, the $25 resistance zone becomes a crucial overhead barrier for the SOL price rally. Facing rejection with long wicks formations, the huge supply present at the $25 mark keeps the breakout rally under check. 

With the precious rejection leading to a drop to the 200-day EMA, the buyers reclaim momentum to challenge the zone. With a reversal from the 50-day EMA followed by the overnight growth of 9.25%, Solana reached the $25 mark.

However, the bears remain intact and hold their positions as the bullish engulfing candle shows a small wick formation. This delays the breakout and reflects the strong position of sellers. Nonetheless, the SOL price trades at $24.19 with an intraday jump of 0.96% reflecting stamina left in the bulls. 

Technical Indicators:

EMA: The bounce back from the 50-day EMA and the sudden jump increases the possibility of a golden crossover. 

MACD indicator: The MACD indicator shows the MACD and signal lines ready for a bullish crossover as the negative histograms decline. This reflects the momentum indicator under bullish influence and signals a buying opportunity. 

Will the SOL Price Reach $30?

Considering the buyers maintain momentum with the market-wide recovery, the altcoins will skyrocket this Uptober season. If the SOL price rises above the $25 resistance zone, then the buyers can drive the market value above $30.

However, if the trend reverses from $25, a retest of the $22 mark is highly likely.