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 <p class="paragraph">As the week <a rel="noopener noreferrer nofollow" title="start" href="https://thebittimes.com/tag/start.html">start</a>ed with a <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> sentiment in the cryptocurrency market, Solana (SOL) seems to be following the trend, and <a rel="noopener noreferrer nofollow" title="technical" href="https://thebittimes.com/tag/technical.html">technical</a> <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) suggests that more gains could be in store for the seventh-largest cryptocurrency by market capitalization.</p>
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 <p class="paragraph">Indeed, Solana has recently broken out of its triangle chart pattern&nbsp;on the daily time frame towards the upside, marking the start of a new upward trend and indicating the potential for further increases in the near future, according to the information retrieved from finance and crypto analytics platform <em>TradingView </em>on October 17.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh4.googleusercontent.com/iOtms6j4ZYgnMCmXnd3n-lrxV0Fi0IXt8lIquVsr0q2s-Ive6LA0tozNip6HB_ssf7mIbvK9xcrO2slRRL1CRWn_tYq1UtUMKS1KDCEgb6_OTxBD0Y6ysBoE7sMLoaBELNlFHp9umn6bGWq9bvoi5vE" alt>
  <figcaption class="wp-element-caption"><em>SOL price action analysis. Source: </em><em>TradingView</em>
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 </figure>
 <p class="paragraph">On top of that, Solana’s daily buying volumes have more than doubled in the last 24 hours, which is another <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> sign for this digital asset.</p>
 <h2 class="wp-block-heading" id="h-solana-price-analysis">Solana price analysis</h2>
 <p class="paragraph">At press time, Solana was changing hands at the price of $24.19, recording a 4.66% growth on the day, as well as increasing 8.88% across the previous week, in addition to accumulating a gain of 26.75% on its monthly chart, as the most recent data suggests.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/QT7pvtPO-MDVZEWKKBzmyCTAKVkYTCrNUc0UUpxbaLZHdSm7STOLe0p45VpI1qIybrf3K3O7JfNU0zXkVrVXlwZhPJodSpiR0XtBzTdEuBkGAOT85-I2g64mz0I0FqcN0XHVrJQgTFiMgaC4wcrKiA0" alt>
  <figcaption class="wp-element-caption"><em>Solana 7-day price chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">That said, the upward move for Solana could face a problem as the decentralized liquid staking platform Lido Finance ends its Solana operations after its DAO members voted in favor of winding down Lido on Solana protocol “after much discussion.”</p>
 <p class="paragraph">The exact date of the complete ceasing of the Solana operations is still unknown, but a rough estimate suggests it would probably take place by February 2024, with the halting of frontend support and limiting unstaking only through the command-line interface (CLI).</p>
 <p class="paragraph">In the meantime, Lido will halt accepting new staking deposits on Solana in October, followed by voluntary node operator off-boarding from the pool in November this year, according to the platform’s snapshot post announcing and detailing the change.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/countdown-starts-now-sol-breakout-as-technical-indicators-turn-bullish-tbt66687.html">https://thebittimes.com/countdown-starts-now-sol-breakout-as-technical-indicators-turn-bullish-tbt66687.html</a></p>

Countdown starts now? SOL breakout as technical indicators turn bullish

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TheBitTimes

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