SOL Price Analysis: Will Solana Rise To $40 This ‘Uptober’?

The post SOL Price Analysis: Will Solana Rise To $40 This ‘Uptober’? appeared first on Coinpedia Fintech News

With Bitcoin climbing above $26K, the altcoins find some serious bullish momentum to reclaim lost levels with quick gains. Amidst the market-wide rally, the SOL price jumps dramatically to rise above the crucial $25 resistance and marks the beginning of a breakout rally. 

With the overall market gaining momentum with a fresh breath of recovery, a new altcoin season seems closer than anticipated. Further, the sharp growth in SOL price supports the bullish Solana price prediction of reclaiming lost levels.

Following the $25 resistance breakout, the SOL price gains momentum and continues to rise higher. As the sentiments driven rally approaches the next resistance of $28, the Solana trend action highlights a news bullish pattern arising. 

Starting in September, the ongoing recovery from $17.72 teases a rounding bottom pattern in the daily chart with a neckline at $28. Further, the SOL prices break above $25 with a 6.49% jump to form a bullish engulfing candle. 

Currently, the SOL price trades at $26.94 with an intraday growth of 8%, the bullish momentum is increasing significantly. Moreover, this increases the likelihood of SOL buyers prolonging the uptrend to exceed $28.

Technical Indicators:

EMA: The sharp increase in SOL market value spikes the 50-day EMA to tease a golden crossover. 

RSI indicator: The daily RSI line re-enters the overbought zone to complete a sharp reversal and reflect a strong bullish sentiment. 

Will the SOL Price Reach $30?

As the market continues to gain momentum, the Uptober spirit for altcoins will grow stronger and help rise higher. Moreover, with the bulls gaining confidence, the SOL price can boost higher to $38-$40 with the rounding bottom breakout.

However, for the Solana prices to reach $40, it must exceed the $28-$30 mark.

However, if the trend reverses from $28, a retest of the $25 mark is highly likely.