Solana

Bitcoin

Rise

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/sol-price-analysis-will-solana-rise-to-40-this-uptober/">SOL Price Analysis: Will Solana Rise To $40 This ‘Uptober’?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
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.&nbsp; 
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 <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">Solana price prediction</a> of reclaiming lost levels. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/20143142/SOLUSD_2023-10-20_14-23-55-1024x478.png" alt="" class="wp-image-238455" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/20143142/SOLUSD_2023-10-20_14-23-55-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/20143142/SOLUSD_2023-10-20_14-23-55-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/20143142/SOLUSD_2023-10-20_14-23-55-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/20143142/SOLUSD_2023-10-20_14-23-55-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/20143142/SOLUSD_2023-10-20_14-23-55-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/20143142/SOLUSD_2023-10-20_14-23-55.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
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.&nbsp; 
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.&nbsp; 
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.&nbsp; 
RSI indicator: The daily RSI line re-enters the overbought zone to complete a sharp reversal and reflect a strong bullish sentiment.&nbsp; 
<h2 class="wp-block-heading" id="h-will-the-sol-price-reach-30">Will the SOL Price Reach $30?</h2> 
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.&nbsp;

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

Table of Contents

CoinPedia News

Other articles published on Oct 20, 2023

An in-depth look at the Ethereum market in 2023

A South Korean regulator describes how to improve the laws pertaining to digital assets.

Singapore takes the lead in combating Crypto and tech crimes with dedicated task forces

Roblox debunks XRP payment rumors, calls them completely false

Russia Gov’t Wants to Use Its CBDC for Tax Collection, Paying Benefits

US SEC Suffers Third Consecutive Loss as It Dropped Charges Against Ripple Executives

Join our free newsletter for daily crypto updates!